HomeNewsJapan's Mitsubishi sees LNG capacity growing to > 17 MMtpy in early 2030s

Japan's Mitsubishi sees LNG capacity growing to > 17 MMtpy in early 2030s

11/1/2024

Japanese trading house Mitsubishi said it sees its liquefied natural gas (LNG) output capacity growing by 5 metric MMtpy to > 17 MMtpy early in the 2030s thanks to its stakes in projects including in Malaysia and Canada.

Mitsubishi is a shareholder in 12 LNG projects in Brunei, Malaysia, Australia, Oman, Russia, Indonesia, the U.S. and Canada, with total output capacity of 110.4 MMtpy, an earnings presentation by the company showed on Friday.

LNG Canada is due to ship its first cargo by mid-2025 but all the other projects are producing gas.

That will increase Mitsubishi's LNG production capacity to 14 MMtpy next year from 12 MMtpy now.

LNG and the sale of two Australian metallurgical coal mines contributed to a 33% increase in Mitsubishi's net profit for the six months to September, the presentation showed.

However, the company kept its net profit forecast for the fiscal year ending in March unchanged at 950 B yen.

In 2023, Japan imported 66 MMt of LNG for domestic usage.

The country is the world's second-biggest LNG importer after China but gas consumption has been declining in recent years as nuclear and renewable-power use increased. As a result, Japanese companies trade unused LNG volumes elsewhere.

($1 = 152.3600 yen)

 

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