Temasek Holdings’ indirect wholly-owned subsidiary, Carne Investments, has agreed to divest 100% of its shares in Pavilion Energy to Shell Eastern Trading, a subsidiary of Shell. No consideration amount was given.
Pavilion Energy is a Singapore-based liquefied natural gas (LNG) company that has operations in Singapore and Europe, marketing and trading LNG in Europe and Asia. The company has a portfolio of around 6.5 million tonnes per year (MTPA) of LNG supply contracts from firms such as Chevron, bp and QatarEnergy.
“In the last 10 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,” says 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.”
“In a short decade, we have built a global platform that is recognised by the LNG industry,” adds Tan Sri Mohd Hassan Marican, chairman of Pavilion Energy. “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.”
The transaction is expected to be completed by the first quarter of 2025, subject to regulatory approvals.
In August 2023, Temasek was reportedly considering selling some of Pavilion Energy’s assets for a valuation of at least US$2 billion.
