Singapore: BW Group and Singapore's Pavilion Energy have formed a joint venture to manage, acquire and charter liquefied natural gas (LNG) vessels.
"The partnership with BW Group represents our expansion into LNG shipping, and an investment into a critical part of the LNG value chain which enables Pavilion Energy to effectively connect global LNG supplies to regional gas demand centres in Asia," said Pavilion Energy group CEO Seah Moon Ming
BW Pavilion LNG Pte Ltd will operate one existing and two new LNG carriers.
Pavilion Energy was set up in April 2013 by Temasek Holdings, Singapore's sovereign wealth fund, and is focused on LNG investment.
For BW, this is the second JV announcement this week. BW and PAG jointly announced earlier this week that they have formed a joint venture called BW Pacific, which is purchasing ten modern medium range product tankers from Elandra. [23/05/14]