Mitsubishi Japan expects LNG production to reach 17 million tonnes per year by early 2030

Mitsubishi, a Japanese trading company, expects to see its LNG production capacity grow by over 17 million tonnes per year in the early 2030s. This is due to its stakes including projects in Malaysia and Canada.

Mitsubishi has invested in 12 LNG projects with a total production capacity of 110,4 million tons per annum in Brunei Malaysia Australia Oman Russia Indonesia USA Canada. This was revealed in a presentation on earnings by the company.

LNG Canada will ship its first cargo in mid-2020, but all other projects produce gas.

Mitsubishi will be able to produce 14 million tons of LNG per year, up from the current 12 million tons.

The presentation revealed that the sale of the two Australian metallurgical mines and LNG contributed to a 33 percent increase in Mitsubishi’s net profit over the six-month period ending September.

The company has maintained its forecast of net profit for the fiscal period ending in March at 950 billion Japanese yen.

In 2023, Japan will import 66 millions tons of LNG to be used domestically.

Gas consumption in Japan has declined over the past few years, as renewable and nuclear power have increased. Japanese companies are able to trade LNG volumes that they don't use elsewhere.

(source: Reuters)