Japan International Cooperation Bank (JBIC) announced on Friday (April 10) that it will provide a loan of $2.38 billion to support Mitsubishi Corporation’s acquisition of Aethon Energy, a U.S. natural gas developer.
With a total transaction value of $7.53 billion (approximately 1.2 trillion Japanese yen, including debt), this deal marks the largest acquisition in Mitsubishi Corporation’s history and signifies Japan’s efforts to deepen its energy partnership with the United States amid energy transition and geopolitical considerations.
This loan is jointly financed by JBIC and private banks, including Mitsubishi UFJ Financial Group (MUFG). JBIC is a policy bank wholly owned by the Japanese government.
Amid the turmoil in the Middle East threatening global supply chains, the Japanese government views this move as a key strategy to safeguard national energy security. Currently, over 90% of Japan’s crude oil imports pass through the Hormuz Strait, making diversification of procurement sources an urgent priority.
JBIC points out that enhancing Japanese companies’ competitiveness in the U.S. natural gas supply business will strengthen Japan’s energy security.
Japan heavily relies on imported natural gas, primarily through long-term contracts with overseas suppliers. According to data from the Institute of Energy Economics, Japan’s long-term supply volume was around 55 million tons in 2025 but is expected to decrease to about 41 million tons by 2035.
Due to the anticipated decline in supply from Australia, currently a major source of natural gas, Japan finds it more necessary to deepen relations with the United States, where production capacity continues to expand.
Initiated in January and funded by the government, this acquisition covers Aethon Energy’s assets in Texas and Louisiana. Mitsubishi Corporation’s transaction includes a $5.2 billion equity acquisition and the assumption of $2.33 billion of Aethon’s debt.
After the acquisition is completed, Mitsubishi Corporation’s liquefied natural gas (LNG) annual production capacity will increase by approximately 15 million metric tons, nearly doubling its current capacity.
It is worth noting that this 15 million metric tons of production is equivalent to one-quarter of Japan’s annual total natural gas demand. While most of the output will be sold within the U.S., a portion will be exported to Japan, other regions in Asia, and Europe.
In documents submitted to the Tokyo Stock Exchange, Mitsubishi Corporation stated that this investment aims to strengthen the profit foundation of its natural gas and LNG businesses. Mitsubishi Corporation is committed to establishing a complete value chain in the United States, encompassing upstream natural gas development, power generation, data center development, chemical production, and related activities.
This move is not only to seize the substantial energy demand arising from the surge in data centers, manufacturing industry revival, and LNG exports in the United States but also seen as a key indicator of the economic alliance between Japan and the U.S.
Following Nippon Steel’s acquisition of U.S. Steel, this deal represents another significant Japanese-American cooperation financing project. It is also part of Japan’s $55 billion investment commitment to the United States, with Japanese companies actively investing to deeply engage in the U.S. infrastructure and energy markets.
This record-breaking acquisition positions Mitsubishi Corporation as a vertically integrated giant from upstream production to end applications (such as data centers), aiming to secure a more stable position for Japan on the rapidly shifting global energy map.