By Chun Han Wong
Singapore?s Temasek Holdings Pte. Ltd. has set up an investment unit focused on liquefied natural gas, reflecting the state investment firm?s growing portfolio of energy assets and underscoring the increasing importance of LNG as a relatively clean-burning energy source.
Temasek is establishing the new unit as part of efforts to expand its energy-related holdings, which company officials have said are tantamount to investing in emerging economies with growing middle-class populations.
Friday?s announcement came just two days after state-owned Singapore LNG Corp. said it had taken delivery of its first LNG cargo as it prepares to launch the city-state?s first LNG import and storage terminal this quarter, with the twin goals of becoming a natural gas trading hub and decreasing its reliance on neighboring Indonesia and Malaysia to supply the fuel.
Pavilion Energy Pte. Ltd. will invest globally across LNG-related businesses, including LNG trading and exploration as well as storage, processing and shipping, the unit said in a statement Friday.
?As [Asia's] economies continue to transform and urbanize, the demand for clean energy, especially liquefied natural gas, is expected to increase,? Pavilion said.
Pavilion Energy, wholly owned by Temasek, will operate in North America, Europe, Asia, Africa and Australia, and may make joint investments with its parent. It has been incorporated with 1 billion Singapore dollars (US$806 million) in initial capital and plans to be operational by September.
Pavilion named Seah Moon Ming, Temasek?s senior managing director for special projects to the chief executive post. Mohd. Hassan Marican?former president and CEO of Malaysia?s Petroliam Nasional Bhd., or Petronas?will chair the board of directors.
Temasek, which had a S$198 billion portfolio as of March 2012, bought a 5% stake in Spanish oil company Repsol SA (REP.MC) for EUR1.04 billion (US$1.34 billion) in March. The company has also partnered with Asian private-equity firm RRJ Capital to invest in Cheniere Energy Inc. (LNG), committing around $468 million in May 2012 and recently stepping up that investment through a purchase of the U.S. natural-gas producer?s common shares.
These deals came after Temasek had doubled the size of its energy holdings to 6% in the year to March 2012.
? Isabella Steger contributed to this article
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