Temasek confirms sale of Pavilion Energy to Shell in major LNG deal

20 Jun 2024 CW Team

Singapore investment giant Temasek has finalised the sale of its liquefied natural gas (LNG) trading firm, Pavilion Energy, to energy giant Shell.

While specific financial details remain undisclosed, Temasek expressed confidence in Shell's ability to propel Pavilion Energy's growth and solidify Singapore's position as a global LNG hub. This acquisition grants Shell, already the world's leading LNG trader, access to established gas markets in Europe and Singapore. This aligns with Shell's aggressive LNG expansion strategy following a highly profitable year. Temasek established Pavilion Energy in 2013 to address Asia's rising energy demands and support the energy transition. Since then, the company has expanded beyond Singapore into Europe, securing approximately 6.5 million tonnes per annum (mtpa) of LNG supply contracts from major players like Chevron, BP, and QatarEnergy. It's important to note that the sale excludes several of Pavilion Energy's assets. Temasek will retain its control over Gas Supply Pte Ltd (GSPL), which imports natural gas pipelines from Indonesia. Additionally, Pavilion Energy's pipeline gas contracts and its 20% stake in Tanzanian Blocks 1 and 4 are not included in the deal. The acquisition is expected to be finalised by the first quarter of 2025, pending regulatory approvals.

(Source: ET Energy)

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