and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said.
Pavilion Energy, Temasek, Shell and Barclays, which is advising Temasek, all declined to comment. Saudi Aramco, whose gas unit is overseeing its negotiations, did not respond to a request for comment. LNG trading accounted for nearly a third of Shell’s profit in the fourth quarter of last year, The company, the world’s largest LNG trader, has operations worldwide that allow it to benefit from regional shifts in demand and pricing.
As one of four firms appointed by Singapore’s Energy Market Authority to import LNG, Pavilion Energy supplies one-third of the city state’s power and industrial gas demand with LNG and piped natural gas, according to its website. It also supplies LNG to ships in Singapore, the world’s top bunkering port.
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