Singapore, 18 June 2024 – Carne Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek, 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.
Pavilion Energy was established by Temasek in 2013 to be an integrated LNG and natural gas company to address growing demand for energy in Asia and support the energy transition. It’s portfolio comprises Pavilion Energy’s approximately 6.5 mtpa of long-term sale and supply LNG contracts.
It also includes long-term regasification capacity of approximately 2 mtpa at the Isle of Grain LNG terminal (UK), regasification access in Singapore and Spain’s Iberdrola’s LNG, marine bunkering business as well as the time-charter of three M-type, Electronically Controlled Gas Injection (MEGI) LNG vessels, two Tri-Fuel Diesel Electric (TFDE) vessels, and one LNG bunkering vessel.
In addition, the company has offtake contracts from leading US liquefaction facilities at Corpus Christi Liquefaction, Freeport LNG and Cameron LNG.
“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,” said Juliet Teo, Head, Portfolio Development Group and Head, Singapore Market of Temasek. “We believe Shell is well positioned to grow Pavilion Energy’s business and strengthen its global LNG hub in Singapore.”
“In a short decade, we have built a global platform that is recognised by the LNG industry,” commented Tan Sri Mohd Hassan Marican, Chairman of Pavilion Energy. “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.”
The transaction is expected to complete by Q1 2025, subject to regulatory approvals.
