has agreed to buy Singaporean liquefied natural gas company Pavilion Energy from global investment company Temasek in a move the oil major said will strengthen its leadership position in LNG, according to statements on Tuesday.
Pavilion’s long-term regasification capacity of approximately 2 mtpa at UK’s Isle Grain LNG terminal, its regasification access in Singapore and Spain, and its LNG bunkering business in Singapore, the world’s largest ship refuelling port, are also included in the deal, Shell said. “The deal is in excess of the internal rate of return hurdle rate for Shell’s integrated gas business, delivering on its 15-25 per cent growth ambition for purchased volumes, relative to 2022,” Shell said in its statement.
The deal came just over a decade after Temasek established Pavilion Energy to address the growing demand for energy in Asia and support the energy transition. Pavilion Energy’s pipeline gas contracts with customers in the power sector are also not part of the transaction and will be novated to GSPL, prior to completion, according to both statements.
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Exclusive-Temasek to finalise deal with Shell for Pavilion Energy LNG asset sale, sources saySingapore's Temasek Holdings is finalising the sale of some assets from liquefied natural gas (LNG) trading firm Pavilion Energy to Shell with a deal set to ...
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Fuente: YahooFinanceCA - 🏆 47. / 63 Leer más »