Temasek Sets Up Pavilion Energy With Initial S$1 Billion Capital
Temasek Holdings Pte, Singapore’s state-owned investment company, has set up an energy company to tap growing demand in Asia and focus on liquefied natural gas.
Pavilion Energy Pte has an initial authorized capital of S$1 billion ($806 million) and will be operational in September, Pavilion Energy said in an e-mailed statement today. The company will be led by Seah Moon Ming, who joined Temasek as of March.
The energy company expects “to participate and invest in various parts of the LNG value chain to ensure long term LNG supply,” Seah said in the statement.
“These could include LNG trading; investing alongside international oil and gas companies as partners to develop upstream LNG projects; building of LNG storage and re- gasification terminals; and investing in LNG shipping,” Seah said. “Long term secure and reliable supply is critical to success in the LNG business.”
Pavilion may invest alongside Temasek, which has been stepping up its investments in the energy and resources sectors over the past few years, according to the statement.
Pavilion named Hassan Marican, former CEO of Petroliam Nasional Bhd., Malaysia’s state-owned oil company also known as Petronas, as chairman.
To contact the reporter on this story: Klaus Wille in Singapore at email@example.com
To contact the editor responsible for this story: Andreea Papuc at firstname.lastname@example.org