Blackstone and Canadian pension funds buy into LNG Canada

U.S. asset manager Blackstone and four Canadian institutional investors have agreed to a US$3.1-billion deal for a 49.9 per cent stake in the Mitsubishi Corporation subsidiary that holds its share of LNG Canada, the country's first large-scale liquefied natural gas export terminal. The group includes CPP Investments, OMERS, the Investment Management Corporation of Ontario and PSP Investments. Mitsubishi, which owns 15 per cent of the Kitimat project, stays in control and keeps its full share of gas supply. The money will also help fund the Phase 2 expansion, which will double the terminal's capacity to 28 million tonnes a year.