Pavilion Energy Pte. Ltd., a new S$1 billion (US$806.5 million) company was established by Singapore’s Temasek Holdings Pte. Ltd. with a focus on meeting Asia’s growing energy demand, particularly through liquefied natural gas (LNG).
“As the region’s economies continue to transform and urbanize, the demand for clean energy, especially liquefied natural gas, is expected to increase,” Temasek said.
Pavilion Energy will seek partnerships within the energy industry to meet the region’s growing gas needs. It may also co-invest alongside Temasek, which has been stepping up its investments in the energy and resource sectors over the last few years, the company said.
Tan Sri Mohd Hassan Marican, a former CEO of Petronas, has been appointed chairman of Pavilion. Seah Moon Ming is to be CEO.
“To secure long term and stable supply of LNG to our customers in Singapore and the Asian region, we will be sourcing our LNG supply from multiple sources and various partners in North America, Europe, Asia, Africa and Australia,” Seah said. “We also expect to participate and invest in various parts of LNG value chain to ensure long-term LNG supply.
“These could include LNG trading; investing alongside international oil and gas companies as partners to develop upstream LNG projects; building of LNG storage and regasification terminals; and investing in LNG shipping. Long-term secure and reliable supply is critical to success in the LNG business.”
Over the coming months, Pavilion Energy will set up various parts of its operations, and it expects to be operational in September, Temasek said.
According to the International Energy Agency statistics cited by Temasek, the global use of natural gas will rise 50% by 2035, from the 2010 levels. Gas will account for one-quarter of the world’s energy mix, especially with increasing demands from large economies such as China, which is replacing coal with gas as an energy source.
Pacific Summit Energy LLC (PSE), a U.S. affiliate of Japanese trading company Sumitomo Corp.; and GAIL Global (USA) LNG LLC, a U.S. affiliate of GAIL (India) Ltd., each contracted for half of the marketed capacity at Dominion’s proposed Cove Point liquefaction facility in Lusby, MD (see Daily GPI, April 3). Additionally, Sumitomo has agreements to serve Tokyo Gas Co. and Kansai Electric Power Co. Inc. GAIL is the largest natural gas processing and distribution company in India.
©Copyright 2013Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.
© 2020 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |