Asia/Pacific News
Singapore Starts New LNG Firm
Government of Singapore owned investment firm Temasek Holdings (Temasek) has set up a new company to invest in the liquefied natural gas (LNG) industry, Reuters reports.
Pavilion Energy Pte. Ltd will start operations with S$1 billion ($806 million) of authorised capital.
The company's CEO, Seah Moon Ming who was hired from Singapore Technologies Engineering Ltd in March, said he expects the company to invest in LNG shipping, as well as upstream project development, and build storage and re-gasification terminals.
Other notable additions to the team include Hassan Marican, the former president and chief executive of Malaysian state oil company Petronas, as the chairman of its board, and Liew Mun Leong, former CEO of the CapitaLand Group, who is part of the senior management team.
Teo Eng Cheong, CEO of the Singapore government agency International Enterprise Singapore (IE) said last November that Singapore is "well positioned to become Asia's LNG Hub."
