September 27, 2024 [Reuters]- Japanese conglomerate Mitsubishi will acquire a 10% stake in a natural gas facility operated by Malaysian state energy giant Petroliam Nasional for a 10-year period, the Nikkei reported on Thursday.

Mitsubishi had previously owned a 4% interest in the project but the facility’s contract expired in 2022. Now, the company will acquire 10% of the same plant by the end of fiscal 2024, the Japanese newspaper reported.

Mitsubishi also owns 10% of a different LNG plant located in Sarawak. In fiscal 2025, the trading business plans to try to extend the contract for an additional ten years, the Nikkei added.

The Japanese company is expected to spend several hundred billion yen across the two projects, the report said.

The investments will expand Mitsubishi’s LNG equity production capacity in Malaysia to roughly 2.2 million tonnes a year from about 1.4 million tonnes, according to the Nikkei.

Mitsubishi will expand its production capacity in Malaysian liquefied natural gas projects by about 60%, the report added.

The company was not immediately available for comment on the report.

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