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Pavilion Energy Acquires Iberdrola’s Portfolio Of LNG Assets

Gasoil News - Published on Mon, 24 Jun 2019

Image Source: Pavilion Energy
Pavilion Energy Pte Ltd announced it has entered into an agreement to purchase the portfolio of LNG assets of Spanish global energy leader, Iberdrola. The portfolio comprises about 4 million tonne per annum of Iberdrola’s long-term sale and supply LNG contracts. It also includes long-term regasification of approximately 2 million tonne per annum at the Grain LNG terminal iin UK, regasification access in Spain and the Spanish-France border pipeline capacity, as well as the time-charter of a newbuild MEGI LNG vessel. In a related transaction, both parties have concluded a gas sales agreement for Pavilion Energy to supply natural gas in Spain to Iberdrola Generación Espana.

Mr Frédéric H Barnaud, Group Chief Executive Officer of Pavilion Energy, said that "Building on Pavilion Energy’s success in Singapore and in the Asia-Pacific Basin, this acquisition brings us a portfolio of prime assets primarily in Europe and the Atlantic Basin. The combined portfolio achieves global reach with the scale and flexibility required to outperform. Today is a critical step towards our vision to be a leading global LNG player, leveraging our LNG portfolio with deep access to strategic gas markets in Singapore, Spain, and the UK, combined with sophisticated optimisation and risk management skills."

As a supplier of one-third of Singapore’s downstream natural gas demand, Pavilion Energy has been an ardent advocate of natural gas as a cleaner fuel for power generation, industrial use, and as bunkering fuel. This strategic transaction will enable Pavilion Energy to play a greater role in energy transition as well as to offer competitive solutions to our customers and suppliers.

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Posted By : Sanju Moirangthem on Mon, 24 Jun 2019
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