Asia/Pacific News
Shell to Buy Singapore's Pavilion Energy
Global energy producer Shell is set to buy Singapore-based LNG firm Pavilion Energy.
Temasek subsidiary Carne Investments has agreed to sell 100% of its shares in Pavilion Energy to Shell Eastern Trading, Temasek said in a statement on its website on Tuesday.
The deal is expected to complete in the first quarter of next year, subject to regulatory approvals.
Shell and Pavilion are rivals in Singapore's LNG bunkering market. Shell-backed joint venture FueLNG and Pavilion Energy were the first two firms to be licensed to supply LNG as a bunker fuel in Singapore's waters.
"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," Juliet Teo, Singapore market head at Temasek, said in the statement.
"We believe Shell is well positioned to grow Pavilion Energy's business and strengthen its global LNG hub in Singapore."
