(EnergyAsia, May 26 2014, Monday) — Singapore’s Pavilion Energy and commodities shipper BW Group said they will form a joint venture to manage, acquire and charter liquefied natural gas (LNG) shipping assets.
BW Pavilion LNG Pte Ltd will start by operating one existing and two new LNG carriers.
Pavilion Energy, a unit of Temasek Holdings with committed capital of US$6.9 billion, said the investment will enable it to expand its LNG capabilities through the ownership of vessels.
“This expansion of our LNG capabilities provides better control over the LNG network and our ability to connect global LNG supplies delivery into Asia and Singapore competitively. This is an investment in a key part of the LNG value chain and represents a significant milestone,” it said. The company was established in April 2013 to focus on developing LNG businesses.
Its group CEO, Seah Moon Ming, said:
“The partnership with BW Group represents our expansion into LNG shipping, and an investment into a critical part of the LNG value chain which enables Pavilion Energy to effectively connect global LNG supplies to regional gas demand centres in Asia.”
Andreas Sohmen-Pao, BW Group CEO, said: “We look forward to a long-term partnership with Pavilion Energy, leveraging our experience in the maritime LNG value chain and our long-established talent base in Singapore to develop opportunities in the sector.”
BW Group is a leading global maritime group involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deepwater production. It owns and operates a fleet of 113 vessels includes crude oil supertankers, refined oil tankers, LNG and LPG carriers, chemical tankers and floating production storage and offloading (FPSO) units.