Mitsubishi Corp. is set to significantly expand its liquefied natural gas (LNG) production capacity in Malaysia by nearly 60% by fiscal 2024, according to sources. The Japanese trading house will acquire a 10% stake in a Sarawak-based LNG liquefaction plant operated by Petronas, increasing its annual production capacity in Malaysia to 2.2 million tonnes, up from 1.4 million tonnes. This investment follows the expiration of a previous 4% stake Mitsubishi held in the project.
Mitsubishi also plans to extend its stake in another Sarawak LNG project through fiscal 2025, spending several hundred billion yen across both ventures. The company will assist in supplying LNG to Japanese utilities, while exports to markets such as China, South Korea, and Thailand will continue.
With these Malaysian projects, as well as its stake in the upcoming LNG Canada project, Mitsubishi’s total global LNG production capacity is expected to reach 15.1 million tonnes annually by fiscal 2025, the largest among Japanese companies. As countries worldwide shift to cleaner energy sources like LNG, Mitsubishi’s strategic investments will help secure Japan’s energy future amid uncertainties in traditional supplier markets like Russia and Qatar.
