Carne Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek, on Tuesday saud that it has reached an agreement to divest 100% of its shares in Pavilion Energy Pte. Ltd. to Shell Eastern Trading Pte. Ltd., a subsidiary of Shell plc.
The transaction is expected to complete by end of first quarter of 2025, subject to all regulatory approvals. Temasek however said that it will retain its wholly owned unit Gas Supply, which imports piped natural gas from South Sumatra in Indonesia.
Both the companies have not disclosed the financial details of the deals.
Pavilion Energy is a Singapore based Liquefied Natural Gas (LNG) player, which was established by Temasek in 2013, and has operations in Singapore and Europe. It was set up to address the growing demand for energy in Asia and support the energy transition and markets and trades LNG in Europe and Asia to a wide range of customers and counterparties.
It has built a diverse portfolio of approximately 6.5 million tonnes per annum (MTPA) of LNG supply contracts from high quality suppliers like Chevron, bp and QatarEnergy. The contracts also include Iberdrola’s LNG asset portfolio from Pavilion Energy’s 2019 acquisition.
In addition, the company has offtake contracts from leading US liquefaction facilities at Corpus Christi Liquefaction, Freeport LNG and Cameron LNG.
Global Platform
Juliet Teo, Head, Portfolio Development Group and Head, Singapore Market of Temasek, said that in the last 10 years, Pavilion Energy has grown from its Singapore beginnings into an international energy business marketing and trading LNG in key markets across Europe and Asia to help meet rising energy demand.
“We believe Shell is well positioned to grow Pavilion Energy’s business and strengthen its global LNG hub in Singapore,” Teo added.
Pavillion Energy Chairman Tan Sri Mohd Hassan Marican said that in a short decade, they have built a global platform that was recognised by the LNG industry.
“We appreciate the support of our shareholder, Temasek, and are proud of the contributions of our employees, who have helped Pavilion Energy grow its platform.”
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