Japan's Mitsubishi sees LNG capacity growing to over 17 mln t/y in early 2030s
Adds details through the story, releads
By Katya Golubkova
TOKYO, Nov 1 (Reuters) -Japanese trading house Mitsubishi 8058.T sees its liquefied natural gas (LNG) output capacity growing by 5 million metric tons per year to over 17 million tons 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 million tons per year, 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 million tons per year next year from 12 million tons per year 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 billion yen.
In 2023, Japan imported 66 million tons 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)
Reporting by Katya Golubkova; additional reporting by Nobuhiro Kubo
Editing by Himani Sarkar and Neil Fullick
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
