Blackstone Leads $3.1 Billion Acquisition of LNG Canada Stake as TotalEnergies Expands in Malaysia

A Blackstone-led investor group agreed on November 2 to acquire a 49.9% interest in a Mitsubishi Corporation subsidiary that holds Mitsubishi's stake in the LNG Canada liquefaction business for $3.1 billion. The buyer group, assembled through Blackstone's Credit and Insurance division, includes Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System, the Investment Management Corp. of Ontario, and the Public Sector Pension Investment Board, making it a heavily Canadian institutional transaction alongside the U.S. alternative asset manager.

On the same day, TotalEnergies signed agreements to acquire a 30% operated interest in two major Malaysian offshore gas fields, Lang Lebah and B14, deepening its footprint in the region in partnership with PETRONAS. The French energy major also announced strengthened cooperation with PETRONAS, SONANGOL, and Oil India Limited focused on reducing methane emissions, including development of a methane emissions center in Malaysia.

Separately, Greek energy company Metlen signed a five-year LNG supply deal with Shell, adding to a busy session of LNG-related transactions and partnerships across the sector.