Singapore's Pavilion Energy has announced the start of trading operations in Europe following the completed acquisition of Liquefied Natural Gas (LNG) assets, in the company's first major expansion outside Asia.
Pavilion Iberdrola
Frédéric H. Barnaud, CEO, Pavilion Energy and CEO of Liberalised Business at Iberdrola, Aitor Moso, at the signing ceremony. Photo: Pavilion Energy.
Pavilion's purchase of Spanish energy giant Iberdrola's LNG business was completed on January 1, instantly doubling the Singapore company's portfolio and allowing it access to regasification terminals in Spain, France and the UK, as well as the time-charter of a newly built LNG vessel.
Last June, Iberdrola said separately that Pavilion would pay €115-million for the assets.
Pavilion's European operations will be run out of its offices in the Spanish capital, Madrid and José Simón, formerly the Head of Global Gas at Iberdrola, has been appointed Managing Director of Pavilion Energy for Europe.
"We are delighted to celebrate this milestone that positions Pavilion Energy as a global energy business. We warmly welcome José and our new joiners in Madrid," said Frédéric H. Barnaud, Group CEO of Pavilion Energy, "We are pleased to have achieved such a seamless transition in close partnership with Iberdrola and with the great support of our many stakeholders."
Pavilion Energy supplies one third of the demand for natural gas in Singapore, and is a staunch advocate of the fuel as a source of clean energy for industry and fuel. The company has said that it seeks to play a more important role in the energy transition with the acquisition.
Last year, Barnaud said that the company anticipates a turnover of around $3-billion (€2.7-billion) this year, with half expected to come from its European arm, and half from Singapore.
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