SINGAPORE, 23 May 2014 - BW Group and Pavilion Energy have entered into an agreement to form a joint venture, BW Pavilion LNG Pte. Ltd. (the "JV"), to acquire, manage and charter maritime LNG assets, including LNG carriers.
Andreas Sohmen-Pao, BW Group CEO, says: "We look forward to a long-term partnership with Pavilion Energy, leveraging our experience in the maritime LNG value chain and our long-established talent base in Singapore to develop opportunities in the sector."
Seah Moon Ming, Group CEO of Pavilion Energy, says: "The partnership with BW Group represents our expansion into LNG shipping, and an investment into a critical part of the LNG value chain which enables Pavilion Energy to effectively connect global LNG supplies to regional gas demand centres in Asia."
The JV builds upon the resources and track record of BW in LNG with an important new LNG player in Pavilion Energy. It represents each organisation's strong commitment to provide customers with high quality LNG shipping as well as tailored gas infrastructure solutions. The JV's assets will initially be established with one existing and two new LNG carriers.
About BW Group
BW Group is a leading global maritime group involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deepwater production. Through its predecessor companies, Bergesen and World-Wide Shipping, BW has been delivering energy and other vital commodities for more than 75 years. BW's fleet of 113 vessels includes crude oil supertankers, refined oil tankers, LNG and LPG carriers, chemical tankers and floating production storage and offloading (FPSO) units.
About Pavilion Energy
Pavilion Energy is a Temasek portfolio company.
The company is focused on the global LNG supply chain to provide clean energy to support economic growth and contribute to a sustainable future in the region, with a vision to be established as a preferred regional LNG player in Asia.
Pavilion Energy has incorporated Pavilion Gas as a wholly-owned subsidiary of Pavilion Energy, to manage gas operations in Singapore. It is also investing in the distribution and trading of LNG in the region.
Pavilion Energy has a committed capital of US$6.9 billion.
With a global outlook and Asian roots, Pavilion Energy is uniquely placed to pursue partnership opportunities and new prospects around the region.
For more information, visit www.pavilionenergy.com.sg.
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