Shell, Aramco in final stage of Pavilion Energy talks- sources

© Reuters. FILE PHOTO: An LNG tanker passes boats along the coast of Singapore February 3, 2017. Picture taken February 3, 2017. REUTERS/Gloystein Henning/File Photo trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said.

Aramco believes the deal would position it as a global LNG player. It is accelerating its gas exploration and aims to boost production by more than 60% from 2021 levels by 2030. It is also looking at investing in liquefied natural gas projects abroad, after last year buying a minority stake in MidOcean Energy for $500 million.

Shell has said it believes gas and LNG will play a critical role in the energy transition by replacing more polluting coal in power plants. The company invested about $1.3 billion in three gas blocks in Tanzania in 2013, soon after it was set up, and gained access to Europe with its 2019 purchase of Iberdrola (OTC:The unlisted company posted profit after tax of $438 million for the year to March 2023, reversing a year earlier loss of $666 million, Temasek's website showed, while revenue rose 38% to $9.09 billion. Shareholder equity value was $3.63 billion as of March 2023, the website showed.

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