Mitsubishi Corporation ("MC") announced today that it will welcome funds managed by Blackstone Credit & Insurance, part of Blackstone, one of the world's largest alternative asset managers (the "Funds"), as a financial partner in its liquefaction infrastructure holding company (the "Holdco") for the LNG Canada project in British Columbia, Canada, through the sale of a 49.9% interest in the Holdco.

The transaction is valued at approximately US$1.6 billion (approximately ¥250 billion).

RBC Capital Markets served as MC's exclusive financial advisor on the transaction.

MC operates an integrated natural gas and LNG business in Western Canada, spanning natural gas development and production, liquefaction at LNG Canada, and LNG offtake and marketing. On September 29, 2026, MC announced the final investment decision for the LNG Canada expansion project, which will double LNG Canada's production capacity.

The Holdco has a 15% interest in LNG Canada and currently offtakes 2.1 million tonnes per annum of LNG in proportion to its ownership interest. The LNG is sold to customers in Asia, primarily in Japan, through Diamond Global Energy Pte. Ltd., MC's wholly owned LNG marketing subsidiary based in Singapore. Following the expansion, the Holdco's LNG offtake is expected to increase to 4.2 million tonnes per annum.

Through the transaction, MC will leverage the Funds' financial resources to advance the expansion project and further enhance the value of the business, while improving the capital efficiency of its investment in LNG Canada. The transaction will not affect MC's LNG offtake volumes or customers. MC will welcome the Funds as a financial partner in the Holdco while maintaining its participation across the natural gas and LNG value chain in Canada.

The project will remain one of MC's key businesses, contributing to the stable supply of energy to customers around the world, including Japan. Under Corporate Strategy 2027, MC is focused on delivering sustainable growth and greater capital efficiency. By combining its integrated business capabilities with the expertise and financial resources of financial investors, MC will continue to pursue new approaches to value creation.

Blackstone Credit & Insurance

Blackstone is the world's largest alternative asset manager, with businesses spanning a broad range of areas, including private equity, real estate, credit, and insurance. Blackstone Credit & Insurance is Blackstone's credit and insurance business and invests across a broad range of areas, including corporate credit, infrastructure debt and asset-based lending.

Materiality

Based on the Three Corporate Principles, which serve as MC's core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. While continuously creating Shared Value guided by the Materiality, a set of crucial societal issues, MC will continue to strengthen its efforts towards sustainable corporate growth. Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to "Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually", this project's activities particularly support "Contributing to Decarbonized Societies" and "Promoting Stable, Sustainable Societies and Lifestyles".

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Source: Mitsubishi Corporation