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Temasek to sell Pavilion Energy to Shell for undisclosed amount
The Straits Times
|June 19, 2024
Shell has agreed to buy Singapore liquefied natural gas (LNG) company Pavilion Energy from global investment company Temasek in a move the oil major said will strengthen its leadership position in LNG, according to statements on June 18.
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The announcement confirmed a Reuters’ report on June 13 saying Temasek was finalising the Pavilion Energy sale to Shell in the coming days in a deal worth hundreds of millions of US dollars.
Shell and Temasek did not disclose financial details of the sale in the statement.
Shell said the acquisition will be absorbed within its cash capital expenditure guidance, which remains unchanged.
“The deal is in excess of the internal rate of return hurdle rate for Shell’s integrated gas business, delivering on its 15-25 per cent growth ambition for purchased volumes, relative to 2022,” Shell said in its statement.
Shell plans to expand its LNG business by 20 per cent to 30 per cent by 2030, compared with 2022, and this deal is expected to help deliver these targets, it added.
This story is from the June 19, 2024 edition of The Straits Times.
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