SINGAPORE: Singapore's Pavilion Energy said on Thursday its wholly owned subsidiary has agreed to buy Spanish energy company Iberdrola's portfolio of liquefied natural gas assets.
The portfolio comprises about 4 million tonnes per annum of Iberdrola's long-term LNG sale and supply contracts, Pavilion said in a statement.The portfolio also includes long-term regasification capacity of about 2 mtpa at Britain's Grain LNG terminal, access to regasification capacity in Spain and on a pipeline between Spain and France, as well as the time-charter of a newly built LNG vessel.
In a related transaction, both companies have concluded a gas sales agreement for Pavilion Energy to supply natural gas to Spain for Iberdrola Generacion Espana, Pavilion said."This acquisition brings us a portfolio of prime assets primarily in Europe and the Atlantic Basin," said Frederic Barnaud, group chief executive, Pavilion Energy. Barnaud was previously with Gazprom's trading arm before being appointed to Pavilion in early 2018.
"Today is a critical step towards our vision to be a leading global LNG player, leveraging our LNG portfolio with deep access to strategic gas markets in Singapore, Spain, and the UK, combined with sophisticated optimisation and risk management skills," he added.
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