Carne Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek, has reached an agreement to divest 100 percent of its shares in Pavilion Energy Pte. Ltd. to Shell Eastern Trading Pte. Ltd., a subsidiary of Shell plc.

Temasek said in a statement on Tuesday that 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 million tonnes per annum 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 US liquefaction facilities at Corpus Christi Liquefaction, Freeport LNG and Cameron LNG.

“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,”

“We believe Shell is well positioned to grow Pavilion Energy’s business and strengthen its global LNG hub in Singapore,” said Juliet Teo, Head, Portfolio Development Group and Head, Singapore Market of Temasek.

Mohd Hassan Marican, Chairman of Pavilion Energy, said that in a short decade, they 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,” he added.

The transaction is expected to complete by the first quarter of 2025, subject to regulatory approvals.

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