Events & Speeches

2015 APAC INNOVATION OF THE YEAR AWARD ACCEPTANCE SPEECH

Acceptance speech at the 2016 Asia-Pacific Assembly and Gala Dinner for the "2015 APAC INNOVATION OF THE YEAR AWARD" by Mr Seah Moon Ming, Group Chief Executive Officer, Pavilion Energy Pte Ltd.

27 January 2016


Chairman of the Oil & Gas Council, Mr Ross Steward Campbell,
Friends and colleagues, ladies and gentlemen,

I am honoured to receive this award on behalf of Pavilion Energy. We would like to thank the Oil & Gas Council for this prestigious award.

We would also like to thank our partners for the support and friendship given to Pavilion Energy in the last two years.

This award would not have been possible without the hard work, commitment and dedication of the good people at Pavilion Energy and also the sound guidance of the Pavilion Energy Board. As a fairly young company and a new entrant to the industry, Pavilion Energy is humbled and grateful that some of our initiatives have received good attention and support from the industry.

One of the tasks that we are currently working with SGX and IE Singapore on is to develop the SGX LNG index Group, or SLInG in short. SLInG provides a more transparent and fair price for both LNG buyers and sellers in Asia. With the current oil price volatility and uncertainty, there is no better time to index the price of our gas in Asia to regional gas fundamentals.

At last year's Gastech conference, we indicated Pavilion Energy's intention to transact cargoes using the SLInG.

The SGX FOB Singapore SLInG LNG derivatives contract was launched by SGX two days ago. I am happy to say that Pavilion Gas has done the first SLlnG LNG Swap with Trafigura. We see this as a positive step towards using a gas-linked LNG price marker for the spot market in Asia.

Likewise, we see the potential for growth in LNG bunkering. I am delighted that MPA has announced that Pavilion Gas is one of the recipients of the LNG bunker supply licences. We are committed to working closely with MPA and our partners to make LNG bunkering a reality in Singapore.

Other initiatives such as small-scale LNG bring companies together to develop new regional opportunities through innovative LNG solutions. Southeast Asia's many small and remote islands are inhabited and in need of energy. Through such industry collaborations, we can play a part in powering these remote islands and help to reduce energy poverty.

Despite the many challenges today, the LNG industry remains an exciting one to be in. Pavilion Energy will continue to pursue ideas and initiatives that are meaningful for the LNG industry.

There is a Chinese saying in the famous work by王羲之 'Preface to the Poems Composed at the Orchid Pavilion' in the year 353 : '后之视今,亦犹今之视昔'. We believe in doing things not just for today but for a better tomorrow, and for our future generations.

Let me once again thank the Oil & Gas Council for this recognition. To our partners and industry colleagues, we look forward to working with you to build a better LNG future together.

I wish you all a successful year ahead. Thank you.