Shell Signs Agreement to Acquire Pavilion Energy
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Shell has reached an agreement with Carne Investments, an indirect wholly-owned subsidiary of Temasek, to acquire 100 percent of the shares in Pavilion Energy. Pavilion Energy includes a global liquefied natural gas (LNG) trading business with a contracted supply volume comprising about 6.5 million tonnes per annum (mtpa).
“The acquisition of Pavilion Energy will strengthen Shell’s leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.
“We will acquire Pavilion’s portfolio of LNG offtake and supply contracts, which includes additional access to strategic gas markets in Asia and Europe. By integrating these into Shell’s global LNG portfolio, Shell is strongly positioned to deliver value from this transaction while helping to meet the energy security needs of our customers,” added Yujnovich.
“In the last ten 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,” added Teo.
“In a short decade, we have built a global platform that is recognized by the LNG industry. 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,” said Tan Sri Mohd Hassan Marican, chairman of Pavilion Energy.
The deal is expected to be completed by Q1 2025, subject to regulatory approvals and fullfilment of other conditions precedent.
Pavilion Energy is a Singapore based liquefied natural gas (LNG) player that has operations in Singapore and Europe. It markets and trades LNG in Europe and Asia to a wide range of customers and counterparties. It has built a diverse portfolio of approximately 6.5 mtpa of LNG supply contracts from high quality suppliers like Chevron, bp, and QatarEnergy. The contracts also include Iberdrola’s LNG asset portfolio from Pavilion Energy’s 2019 acquisition. In addition, the company has offtake contracts from leading U.S. liquefaction facilities at Corpus Christi Liquefaction, Freeport LNG, and Cameron LNG.
Shell is an international energy company with expertise in the exploration, production, refining and marketing of oil and natural gas, and the manufacturing and marketing of chemicals. They use advanced technologies and take an innovative approach to help build a sustainable energy future. They also invest in power, including from low-carbon sources such as wind and solar; and new fuels for transport, such as advanced biofuels and hydrogen.
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