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Singapore's Pavilion Energy signs 20-year LNG deal with BP

24/09/2014 by

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Pavilion Gas Pte Ltd, a wholly owned subsidiary of Singapore's Pavilion Energy, has signed a deal for BP to supply it with 0.4 million tonnes per year of liquefied natural gas (LNG) for 20 years from 2019. 

"Supply will be from BP's global portfolio of equity and merchant sources of LNG," Paul Reed, chief executive of BP Integrated Supply and Trading, said in the statement issued by Pavilion. 

"This includes the Freeport LNG Project in the US, where BP holds tolling rights and which is expected to reach a final investment decision before the end of 2014." 

The statement did not say how much Pavilion would pay for the LNG. 

Pavilion Energy was set up in April 2013 by Temasek Holdings , Singapore's sovereign wealth fund, and is focused on LNG investment. The firm has committed capital of $6.9 billion, according to the company. 

Singapore is trying to position itself as an LNG trading hub for Asia as it is located between producers such as Indonesia, Malaysia and Australia, and countries with growing demand such as China, India and Thailand. 

This article has been extracted from http://economictimes.indiatimes.com/, please click on this link to read the article in full http://economictimes.indiatimes.com/news/international/business/singapores-pavilion-energy-signs-20-year-lng-deal-with-bp/articleshow/43299564.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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