Pavilion Energy ventures into LNG transportation
S'pore firm forms JV with global maritime player BW Group
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TEMASEK-owned Pavilion Energy is venturing into yet another aspect of the global LNG business, namely liquefied natural gas transportation, with this resulting in the first Singapore-flagged LNG carriers.
The Singapore LNG player has entered into a multi-million dollar deal with global maritime player BW Group to form a joint venture - BW Pavilion LNG (with an initial paid-up capital of US$55 million) - to acquire, manage and charter maritime LNG assets, including LNG carriers. The JV is hitting the ground running with an existing LNG carrier, and will build two new ones at a South Korean shipyard, with each said to cost around US$250 million.
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