Mitsui seeks LNG investments across 3 regions for AI power demand

Mitsui is betting on LNG as the fuel of choice for the AI era, targeting projects across three continents.

Mitsui & Co. is seeking equity stakes and supply agreements in LNG projects across the Middle East, the U.S. and Australia to meet surging electricity demand from data centers, CEO Kenichi Hori said.

"Demand for LNG is booming as companies seek clean energy to power AI infrastructure," Hori told Bloomberg News in an interview published Thursday.

The Japanese trading house, in which Berkshire Hathaway owns a 10% stake, already holds an interest in Abu Dhabi National Oil Co.'s Ruwais LNG export facility. Last year it signed a 20-year agreement with Venture Global for 1 million metric tons per annum of LNG supply and partners with Woodside in Australia's North West Shelf project, the country's oldest and second-largest LNG plant.

Japan, one of the world's most vulnerable countries to energy import disruptions, has intensified diplomatic efforts and pledged billions of yen to cushion the economic shock from the Iran war and the Strait of Hormuz closure. For Mitsui, the LNG push represents a bet that structural demand from AI and data centers will sustain natural gas prices even as the global energy transition accelerates.

Mitsui will consider taking equity stakes or securing supply agreements in LNG and gas chemicals firms, Hori said, adding that the company wants to "capture upside opportunities in the energy sector while remaining cautious." The comments reflect a broader strategic shift among Japan's top five trading houses, which are directing more capital toward energy infrastructure as the AI buildout drives a step-change in electricity consumption.

The International Energy Agency said this week that natural gas spending is set to hit a 10-year high in 2026, even as oil investment declines. The divergence shows growing conviction among energy majors that gas will play a central role in powering the next wave of industrial demand, particularly from data centers requiring around-the-clock baseload power. Global data center electricity consumption could more than double by 2030, according to industry estimates, creating a structural demand driver for natural gas that extends well beyond the current geopolitical crisis.

Mitsui's existing LNG portfolio spans three key regions. In the Middle East, its stake in ADNOC's Ruwais facility provides exposure to low-cost gas reserves. In the U.S., the Venture Global deal taps the Gulf Coast export market. And in Australia, the North West Shelf partnership connects Mitsui to one of Asia's largest LNG supply hubs — a critical advantage given Japan's reliance on imported energy.

The company's push comes as the Strait of Hormuz closure has disrupted global energy supplies, sending crude oil and LNG prices sharply higher. For Japan, which imports nearly all its energy needs, the crisis has highlighted the strategic importance of securing diversified LNG sources. Mitsui's multi-region approach — spanning the Middle East, North America and Australia — is designed to mitigate supply risk while capturing upside from AI-driven demand growth.

The LNG investment strategy also aligns with a broader restructuring of Japan's commodity sector. Mitsubishi Corp., another of the country's top trading houses, announced plans this week to spin off its petrochemical business, the latest in a series of moves to streamline operations and focus on higher-growth areas. Mitsui's pivot toward LNG and energy infrastructure mirrors this trend, as Japanese trading houses seek to redeploy capital from mature commodity businesses into assets tied to the AI and energy transition themes.

This article is for informational purposes only and does not constitute investment advice.