Mitsubishi increases stake in Malaysia LNG

The Japanese trading house Mitsubishi announced on Friday that it will expand its ownership of a major project in Malaysia involving liquefied gas. It has acquired 10% stakes in both the Dua and Tiga unit of the Malaysia LNG Plant.

Malaysia LNG, operated by Malaysian energy giant Petronas, is one of the largest LNG facilities in the world. It has a total capacity of 29,3 million metric tonnes from four production units: Satu, Dua Tiga, Train 9.

Mitsubishi owns already a 5% share in Satu and the investments it makes into Dua and Tiga will last for 10 years, starting 2025 or 2024 respectively.

The company did not disclose the amount it paid for its 10% stake in Dua and Tiga. Nikkei newspaper, which broke the news of the deal in Japan on Thursday, reported that Mitsubishi would spend hundreds of billions of yen for the two projects.

Petronas didn't immediately respond to an inquiry for comment.

According to Mitsubishi, the project is the largest single LNG facility in Japan. It will deliver 10 million tons of super-chilled fuel a year. Japan is the second largest LNG buyer in the world after China.

Mitsubishi is also involved in the automotive, food, petrochemicals and metals and steel industries in Malaysia. (Reporting from Tokyo by Katya Glubkova; Additional reporting in Kuala Lumpur by Danial Azhar; Editing by Sonali Paud)

(source: Reuters)