US asset manager Blackstone and four Canadian institutional investors have agreed a $3.1-billion US deal to buy a 49.9% stake in the Mitsubishi Corp. subsidiary that holds Mitsubishi's interest in LNG Canada, the country's first liquefied natural gas export terminal, CBC News reported. The investors are the Canada Pension Plan Investment Board, OMERS, IMCO and PSP Investments.
LNG Canada, in Kitimat, B.C., is a joint venture of Shell, PetroChina, Petronas, Mitsubishi and KOGAS. Mitsubishi owns 15% through the subsidiary and will keep its full share of the plant's gas supply. The project announced in September that it would proceed with a Phase 2 expansion, which has been referred to the federal major projects office. Richard Brooks of the environmental group Stand.earth said Canadians should be alarmed that pension money was going into LNG.
Source: CBC News