Pavilion advances global ambitions by buying Iberdrola’s LNG portfolio

摘要

Singapore’s Pavilion Energy has taken a “critical step” in its quest to become a leading global LNG player after agreeing to purchase Iberdrola’s portfolio of LNG assets, including US LNG contracts that appear to be loss-making in the current price environment. The deal, expected to close on 1 January 2020, sees Pavilion get its hands on ~4 mtpa of long- term LNG sales and supply contracts. Additionally, Pavilion - a unit of Singapore state investor Temasek Holdings - will get approximately 2 mtpa of regasification capacity at the UK’s Grain LNG terminal, regas access in Spain, Spanish-France border pipeline capacity and the time- charter of a newbuild LNG carrier.