Singapore: Pavilion Energy, the LNG unit of Singapore’s state-owned Temasek Holdings, will pay $1.3bn for a 20 percent stake in three gas blocks offshore Tanzania in East Africa.
Pavilion Energy has entered an agreement with Ophir Energy, which holds 40% of the gas blocks in Tanzania. The transaction is scheduled to be completed in the first quarter of 2014.
"This investment in Tanzania Blocks 1, 3 and 4 is a key milestone for Pavilion Energy to build up our LNG portfolio. It supports our plan to secure long-term energy supply at competitive prices to meet the need for clean energy in Asia. This is also important for us as we work to develop an Asian LNG hub,” said Mr Seah Moon Ming, ceo of Pavilion Energy Group. [15/11/13]