Blackstone-Led Group Agrees to Buy 49.9% Stake in LNG Canada’s Liquefaction Business

A Blackstone-led investor group has agreed to pay $3.1 billion to acquire a 49.9% stake in LNG Canada’s liquefaction business from a Mitsubishi Corp. subsidiary.

LNG Canada’s Kitimat terminal is oriented toward Asian markets. The deal concerns the liquefaction business, not LNG Canada as a whole.

The project’s partners approved an expansion expected to double annual capacity, from 14 million metric tons per year to about 28 million metric tons per year. Commercial operations for the second phase are expected to begin in the early 2030s.