Singapore's Temasek Sets Up LNG Investment Firm Pavilion Energy

SINGAPORE - Singaporean state-investment firm Temasek Holdings Pte. Ltd. has set up an investment unit focused on liquefied natural gas, to increase its exposure to the energy sector.

Pavilion Energy Pte. Ltd. will invest globally across the LNG value chain, such as in LNG trading and exploration, as well as storage, processing and shipping, the unit said in a statement Friday.

"As [Asia's] economies continue to transform and urbanise, the demand for clean energy, especially liquefied natural gas, is expected to increase," Pavilion said.

The unit will operate in North America, Europe, Asia, Africa and Australia, and may make joint investments with its parent. It has been incorporated with 1 billion Singapore dollars (US$806 million) in initial capital and should be operational by September.

Pavilion named as chief executive Seah Moon Ming, Temasek's senior managing director for special projects. Mohd. Hassan Marican--former president and CEO of Malaysia's Petroliam Nasional Bhd., or Petronas--will chair the board of directors.

Singapore is developing its LNG infrastructure to become a natural gas trading hub.

The Southeast Asian city-state is building its first LNG import and storage terminal, which will begin commercial operations in the second quarter. The terminal will also reduce Singapore's reliance on imports from Indonesia and Malaysia.

Copyright (c) 2012 Dow Jones & Company, Inc.


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