Singapore-based Pavilion Energy, a Temasek company, signed a deal with Malaysian state-owned Petronas to collaborate in the liquefied natural gas (LNG) business.
Under the memorandum of understanding signed on March 30, Pavilion Gas and Petronas LNG, both units of the two companies, will collaborate on the supply and optimization of LNG business, including spot trading and cargo swaps.
The two companies will also look at joint efforts relating to LNG import terminal and storage facilities, a joint statement reads.
Petronas’ executive VP and CEO Upstream, Datuk Mohd Anuar said the company’s strong presence in the integrated LNG value chain and diversified portfolio, together with Pavilion’s position as one of the LNG aggregators in Singapore, would allow both companies to leverage on each other’s strengths to create value and growth in the region.