(Bloomberg) -- Mitsubishi Corp. will buy stake in a Malaysian natural gas liquefaction plant in an agreement with state-owned energy firm Petronas.

Most Read from Bloomberg

• Vanderbilt Leases Struggling NYC Seminary for Campus Expansion

• NJ Transit, Amtrak Trains Delayed After Derailment Near NYC

• Where Cargo Bikes Are Freeing Cities From Polluting Vans

• Exclusive Palo Alto Girls School Borrows $106 Million

• Waiting for the Miracle of Church-to-Housing Development

The Japanese trading firm will acquire a 10% equity shareholding in Malaysia LNG Tiga, valid for a decade starting this year, according to a statement from Mitsubishi and Petronas on Friday. Mitsubishi also said it will extend its 10% equity shareholding in Malaysia LNG Dua, also for 10 years starting 2025. The financial value of the deal wasn’t disclosed.

Japanese companies like Mitsubishi are strengthening their LNG portfolio as many see the fossil fuel as critical in the energy transition. Mitsui & Co. announced in July that it will acquire a stake in an LNG project in the United Arab Emirates. Japan’s trade ministry, which oversees energy-related policies, has also emphasized the importance of diversifying sources of LNG for energy security.

Malaysia LNG Dua and Tiga are part of a larger Petronas LNG Complex, which has a total production capacity of 29.3 million tons per year, according to the statement.

--With assistance from Dan Murtaugh.

Most Read from Bloomberg Businessweek

• Inside Activision and Blizzard’s Corporate Warcraft

• The End of the Cheap Burger

• This Camera Went Viral Two Years Ago. You Still Can’t Buy One

• How Harris’ Campaign Finally Made Biden’s Meme Strategy Work

• Palantir’s CEO and Wall Street Annoy Each Other Straight to the Bank

?2024 Bloomberg L.P.