Shell and the LNG MajorsNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi partners with Shell and the other majors in LNG, and brings the Japanese buyers they want.

In LNG, Mitsubishi competes and partners with the oil majors. Shell holds 40% of LNG Canada, the largest stake, alongside PETRONAS with 25%, PetroChina with 15%, Mitsubishi with 15% and KOGAS with 5%1. Reuters reported in January 2026 that Shell and Mitsubishi were exploring sale options for their stakes2.

LNG Canada offtake (%)Shell40%PETRONAS25%PetroChina15%Mitsubishi15%KOGAS5%Mitsubishi Corporation results presentation, May 2026
A minority seat beside a major.

The majors have larger LNG portfolios and their own trading arms. What Mitsubishi offers as a partner is Japanese offtake: its LNG business sells mostly under long-term contracts3, and Japanese buyers are among the largest LNG importers.

The company's total equity share of LNG capacity is 14.9 million tonnes a year4, which it aims to raise to 18 million tonnes or more in the early 2030s5.

The partnership model extends across the portfolio: Mitsubishi's LNG stakes sit beside those of majors and national oil companies in Brunei, Malaysia, Australia, Oman, Indonesia and the United States6.

The measure is whether Mitsubishi keeps its seat in the largest new projects. A sale of the LNG Canada stake without a replacement would reduce it.

Moat trajectory: Holding steady

Mitsubishi holds its positions; a partial LNG Canada sale is being explored.

The number that tests this moat
Reported
LNG Canada offtake shares
Shell 40%, PETRONAS 25%, PetroChina 15%, Mitsubishi 15%, KOGAS 5%

The partners in the newest large project; a reduced stake would shrink Mitsubishi's seat.

Source: Mitsubishi Corporation results presentation, May 2026 ↗
References
  1. ReportedShell holds 40% of LNG Canada, the largest stake, alongside PETRONAS with 25%, PetroChina with 15%, Mitsubishi with 15% and KOGAS with 5%.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedReuters reported in January 2026 that Shell and Mitsubishi were exploring sale options for their stakes.
    BOE Report (Reuters), 16 January 2026 - Shell and Mitsubishi exploring sale options for their stakes in LNG Canada. — January 2026 · publ. 16 January 2026 · source ↗
  3. ReportedWhat Mitsubishi offers as a partner is Japanese offtake: its LNG business sells mostly under long-term contracts, and Japanese buyers are among the largest LNG importers.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedThe company's total equity share of LNG capacity is 14.9 million tonnes a year, which it aims to raise to 18 million tonnes or more in the early 2030s.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedThe company's total equity share of LNG capacity is 14.9 million tonnes a year, which it aims to raise to 18 million tonnes or more in the early 2030s.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedThe partnership model extends across the portfolio: Mitsubishi's LNG stakes sit beside those of majors and national oil companies in Brunei, Malaysia, Australia, Oman, Indonesia and the United States.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026