Temasek LNG unit in Europe deal
SINGAPORE: Pavilion Energy Pte, the liquefied natural gas (LNG) unit of Singapore's state-owned investment company, made its first long-term deal with a European supplier.
Pavilion Energy, owned by Temasek Holdings Pte, will receive 500,000 tonnes a year of LNG for 10 years starting in 2018, the company said in an email, without identifying the seller.
The contract is with "a major European oil and gas multinational" for delivery into Singapore and the region, chief executive Seah Moon Ming said in a speech at a conference in the city-state yesterday.
Singapore, Asia's oil-trading center, is also vying to become a hub for LNG, supercooled gas shipped by tankers rather than pipelines.
Temasek set up Pavilion Energy in April to tap growing demand for LNG in Asia, it said at the time.
Pavilion Gas, its unit that manages gas operations and LNG distribution, has started trading the fuel and expects to complete its first cargo delivery to Asia by February, Seah said. Bloomberg