Pavilion Energy formed to Supply Asia's Rising Gas Demand
Pavilion Energy Pte. Ltd. (“Pavilion Energy”) has been incorporated by Singapore investor, Temasek, with an initial authorised capital of S$1 billion, to tap into Asia’s growing energy demand.
As the region’s economies continue to transform and urbanise, the demand for clean energy, especially Liquefied Natural Gas (LNG), is expected to increase.
According to the International Energy Agency, the global use of gas will rise 50% by 2035, from the 2010 levels. Gas will account for a quarter of the world’s energy mix, especially with increasing demands from large economies such as China which is replacing coal with gas as an energy source.
Pavilion Energy will look to partner with energy industry leaders and players to meet the region’s growing gas needs. It may also co-invest alongside Temasek, which has been stepping up its investments in the energy and resource sectors over the last few years.
Pavilion Energy has appointed one of the most respected oil and gas industry leaders, Tan Sri Mohd Hassan Marican, the former President and CEO of Petronas, as the chairman of its Board. Pavilion Energy will also enlist the expertise and experience of other well regarded industry captains and business leaders such as Mr Liew Mun Leong, former CEO of the CapitaLand Group, to reinforce its business and corporate governance leadership.
The company has also appointed Mr Seah Moon Ming as its Chief Executive Officer. Mr Seah joined Temasek in March as Senior Managing Director, Special Projects, to establish the new energy business entity. He was most recently the Deputy CEO of ST Engineering, overseeing ST Aerospace, ST Electronics, ST Kinetics and ST Marine.
Mr Seah said, “To secure long term and stable supply of LNG to our customers in Singapore and the Asian region, we will be sourcing our LNG supply from multiple sources and various partners in North America, Europe, Asia, Africa and Australia.
“We also expect to participate and invest in various parts of LNG value chain to ensure long term LNG supply. 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. Long term secure and reliable supply is critical to success in the LNG business.”
Over the coming months, Pavilion Energy will work to set up the various parts of its operations and it expects to be operational in September 2013.
SOURCE: Pavilion Energy Pte. Ltd.