Mitsubishi Corporation to boost stake in Malaysian LNG assets
Mitsubishi Corporation will increase its stake in Petronas-operated Malaysia LNG (MLNG) Dua and MLNG Tiga, the company announced on September 27. The deal involves extending its 10% equity shareholding in MLNG Dua and reinvesting in a 10% equity shareholding in MLNG Tiga.
These investments will span 10 years, beginning in 2025 for Dua and 2024 for Tiga. Mitsubishi Corporation did not disclose the value of the deal.
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The Petronas LNG complex, through its partnerships, including with Mitsubishi Corporation, has supplied LNG to long-term Japanese contract buyers since 1983. The complex consists of four joint ventures: MLNG Satu, MLNG Dua, MLNG Tiga, and Petronas LNG 9, with a combined production capacity of 29.3mn tonnes/year, making it one of the world's largest LNG producers at a single site. Mitsubishi Corporation already holds a 5% stake in MLNG Satu.
The complex has been a key supplier of lower-carbon energy solutions to a broad range of public and private sector customers in Japan.
In addition to its natural gas operations in Malaysia, Mitsubishi Corporation has participated in 10 upstream gas blocks in Sarawak and expanded its investments into other sectors, including automobiles, food, petrochemicals, metals, and steel.