Pavilion Energy Pte Ltd., a portfolio firm of Singapore's sovereign fund Temasek Holdings (Pte) Ltd., inked a memorandum of understanding (MOU) Thursday with Indonesia's national oil company PT Pertamina to develop small scale liquefied natural gas (LNG) solutions in the region, according to Singapore's Business Times.
Under the MOU, both companies will work to explore opportunities in regional small-scale LNG projects, joint marketing, trading, procurement and investments.
"This MOU supports the parties' interests in developing energy solutions in the region, and fosters closer collaboration between the two parties," a Pavilion Energy spokesman said, as quoted by Business Times.
Market sources told Rigzone that Indonesia, where domestic gas resources are not readily accessible because demand centers are located far away in a country with more than 17,000 islands, is looking to tap small scale LNG solutions to meet rising energy needs. The flexibility offered by small scale LNG solutions could go some way to meeting local gas demand in remote areas in Indonesia that are not linked by pipeline networks.
The MOU was signed by Pavilion Energy's Group CEO Seah Moon Ming and Pertamina's New and Renewable Energy Director Yenni Andayani in Singapore.
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