Singapore: The city state’s sovereign wealth fund, Teamsek Holdings, has established a new investment subsidiary focused on LNG. Initial investment in Pavilion Energy has been set at S$1bn.
The company will start in September, headed up by technology entrepreneur and innovator Seah Moon Ming, who joined Temasek last month as senior managing director, special projects, from ST Engineering, where he was deputy ceo.
Hassan Marican, former ceo of Malaysia’s Petronas, has been appointed chairman.
Pavilion Energy said that it will invest globally across LNG-related businesses, including LNG trading and exploration as well as storage, processing and shipping.
"As economies continue to transform and urbanise, the demand for clean energy, especially liquefied natural gas, is expected to increase," it said. [08/04/13]
