SINGAPORE/LONDON : Singapore's Temasek Holdings is finalising the sale of some assets from liquefied natural gas (LNG) trading firm Pavilion Energy to Shell with a deal set to be completed in the coming days, two sources with knowledge of the matter said.
SINGAPORE/LONDON : Singapore's Temasek Holdings is finalising the sale of some assets from liquefied natural gas trading firm Pavilion Energy to Shell with a deal set to be completed in the coming days, two sources with knowledge of the matter said.
The deal's value will be in the hundreds of millions of U.S. dollars, one of the sources said. That would be below what Temasek had originally sought from the sale. The deal comes months after Temasek put the Singapore-based trader up for sale after Pavilion Energy turned in a profit in the year to March 2023 on robust LNG prices in the wake of the Ukraine war.
However, the Pavilion Energy asset sale will exclude Gas Supply Pte Ltd, which has a licence to import natural gas by pipeline from Indonesia, the sources said, due to energy security concerns.Pavilion Energy invested about $1.3 billion in three gas blocks in Tanzania in 2013 and gained access to Europe with its 2019 purchase of Iberdrola's LNG assets, including regasification capacity in the UK and Spain.
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