Major Energy Firms Evaluate Divestment of Stakes in C$40 Billion Canadian Gas Project
Shell and Mitsubishi are exploring the sale of their stakes in the C$40 billion LNG Canada facility. This move follows a successful divestment by Petronas.
Insights:
Shell plc , a major energy provider headquartered in the United Kingdom 
GB, is working with Rothschild & Co to explore the sale of a significant portion of its stake in the C$40 billion LNG Canada project. The company currently holds a 40% stake in the facility and is considering divesting as much as 30% of the project, which represents three-quarters of its total holding. A potential buyer for this stake would be committing approximately $15 billion, a figure that includes the equity stake, debt, and capital requirements necessary for a proposed Phase 2 expansion.
GB, is working with Rothschild & Co to explore the sale of a significant portion of its stake in the C$40 billion LNG Canada project. The company currently holds a 40% stake in the facility and is considering divesting as much as 30% of the project, which represents three-quarters of its total holding. A potential buyer for this stake would be committing approximately $15 billion, a figure that includes the equity stake, debt, and capital requirements necessary for a proposed Phase 2 expansion.Simultaneously, the Japan 
JPbased Mitsubishi Corporation is weighing options for its own 15% stake in the project. The company has engaged RBC Capital Markets to evaluate potential buyers, though its deliberations remain in the early stages. Any formal sale effort from Mitsubishi Corporationis not expected to commence until later in 2026. These exploratory moves follow a successful partial exit by Petronas from Malaysia 
MY, which previously held a 25% stake. In December 2025, MidOcean Energy, backed by EIG and Saudi Aramco from Saudi Arabia 
SA, closed a deal to purchase a fifth of that holding.
JPbased Mitsubishi Corporation is weighing options for its own 15% stake in the project. The company has engaged RBC Capital Markets to evaluate potential buyers, though its deliberations remain in the early stages. Any formal sale effort from Mitsubishi Corporationis not expected to commence until later in 2026. These exploratory moves follow a successful partial exit by Petronas from Malaysia MY, which previously held a 25% stake. In December 2025, MidOcean Energy, backed by EIG and Saudi Aramco from Saudi Arabia SA, closed a deal to purchase a fifth of that holding.
