Japanese trading house Mitsubishi’s LNG output capacity will grow to more than 17 mill tonnes per year by the early 2030s.
This is equal to a growth rate of 5 mill tonnes per year and is based on the company’s stakes in projects, including those in Malaysia and Canada, it said in an earnings presentation last Friday.
Mitsubishi is a shareholder in 12 LNG projects located in Brunei, Malaysia, Australia, Oman, Russia, Indonesia, the US and Canada, having a total output capacity of 110.4 mill tonnes per year.
LNG Canada is due to ship its first cargo by mid-2025, however, all the other projects are in production.
Once it comes online, the Canadian project will increase Mitsubishi's LNG production capacity to 14 mill tonnes from the 12 mill tonnes at present.
LNG trading 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.
However, the company kept its net profit forecast for the fiscal year ending in March 2025 unchanged at Yen950 bill.
