(Sharecast News) - Shell said on Tuesday that it has agreed to buy Singaporean liquefied natural gas (LNG) firm Pavilion Energy from investment company Temasek for an undisclosed sum.
Pavilion's global energy business encompasses LNG trading, shipping, natural gas supply and marketing activities in Asia and Europe.
Zoë Yujnovich, Shell's Integrated Gas and Upstream Director, said: "The acquisition of Pavilion Energy will strengthen Shell's leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio.
"We will acquire Pavilion's portfolio of LNG offtake and supply contracts, which includes additional access to strategic gas markets in Asia and Europe. By integrating these into Shell's global LNG portfolio, Shell is strongly positioned to deliver value from this transaction while helping to meet the energy security needs of our customers."
Shell said the deal will be absorbed within its cash capital expenditure guidance, which remains unchanged.
