Robert Besser
07 Apr 2025

TOKYO, Japan: Mitsubishi Corp is weighing a potential role in Alaska's ambitious LNG export project, as the Japanese trading giant looks to balance bold investment plans with geopolitical and energy market uncertainty.

Chief Executive Katsuya Nakanishi confirmed this week that Mitsubishi has been approached about participating in the US$44 billion Alaska LNG initiative, a key part of U.S. President Donald Trump's efforts to ramp up gas exports.

"We have been approached and are considering it," Nakanishi told reporters. "However, we need to conduct thorough due diligence." He noted that while the proposal isn't new and has been raised in earlier administrations, Mitsubishi will carefully assess its feasibility, factoring in the vast pipeline route to the West Coast, the construction of liquefaction facilities, and projected demand across Asia.

An Alaskan delegation recently visited Japan to court policymakers and investors, pitching the project as a strategic opportunity for Asian buyers. Officials said U.S. investors are likely to fund the pipeline portion, while Japanese equity would likely be tied to gas offtake contracts from the liquefaction terminal.

The announcement came as Mitsubishi unveiled a new three-year strategy. The company said it would invest at least 4 trillion yen ($27 billion) through 2027/2028, targeting growth across sectors and aiming to raise annual net profit to 1.2 trillion yen.

Mitsubishi also said it would initiate a share buyback plan worth up to 1 trillion yen between April 2024 and March 2026. Over the same period, it expects to allocate around 1 trillion yen to maintain existing operations and more than 3 trillion yen for growth investments.

Asked about newly announced U.S. tariffs—including a 10 percent levy on imports from countries such as Japan—Nakanishi acknowledged both risks and potential opportunities. "There could be opportunities brought by the tariffs too, but the company would carefully evaluate the risks," he said.

Meanwhile, Mitsubishi continues to evaluate its offshore wind ventures, following a 52.2 billion yen impairment charge booked earlier this year. Nakanishi said a decision on that business could come by summer.

The company forecasts a decline in net profit to 700 billion yen for the current year but plans to boost its dividend by 10 yen to 110 yen per share.

Among Mitsubishi's top investors is Warren Buffett's Berkshire Hathaway, which holds a 9.67 percent stake in the company.