Shell Eastern Trading Pte. Ltd., a subsidiary of Shell plc, has completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd.

Pavilion Energy, headquartered in Singapore, operates a global LNG trading business with contracted supply volume of approximately 6.5 million tonnes per annum (mtpa). The acquisition includes Pavilion Energy’s portfolio of LNG offtake and supply contracts, regasification capacity, and LNG bunkering business, strengthening Shell’s position in the LNG market.

The acquisition will be absorbed within Shell’s cash capital expenditure guidance. This acquisition helps to deliver on Shell’s ambition to solidify its leading position in liquified natural gas (LNG) by growing sales by 4-5% per year through to 2030. The integration of Pavilion Energy’s assets into Shell’s global LNG portfolio will commence immediately.

Notes:

   - On une 18, 2024J, Shell announced the signing of an agreement to acquire Pavilion Energy from Carne Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek:
     - Pavilion Energy’s portfolio comprises about 6.5 mtpa of long-term sale and supply LNG contracts. It also includes long-term regasification capacity of approximately 2 mtpa at the Isle Grain LNG terminal (United Kingdom), regasification access in Singapore and Spain, as well as the time-charter of three M-type, Electronically Controlled Gas Injection (MEGI) LNG vessels and two Tri-Fuel Diesel Electric (TFDE) vessels. It also has an LNG bunkering business with its first vessel deployed in early 2024.
     - Pavilion Energy’s pipeline gas business in Singapore was not included as part of the transaction and has been transferred to Gas Supply Pte Ltd (GSPL), a wholly-owned subsidiary of Temasek.
     - Pavilion Energy’s 20% interest in blocks 1 and 4 in Tanzania are not included in the transaction.
   - Shell, via its BG acquisition, holds the first LNG importing license to Singapore, supplying nearly a quarter of the country’s natural gas needs. For more than 10 years, Shell has delivered LNG to Singapore and other markets in Asia reliably and competitively, trading in LNG, Crude, Oil products and other energy commodities to serve customers across Asia, actively contributing to the region’s energy supply security. Shell is a pioneer in developing LNG as a marine fuel for bunkering in Singapore.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About Pavilion Energy

Pavilion Energy is a wholly-owned subsidiary of Shell plc. Its global energy business encompasses natural gas supply and marketing activities in Southeast Asia and Europe; global LNG trading, shipping and optimisation, as well as energy hedging and financial solutions.

Pavilion Energy is also a pioneer in developing LNG bunkering for the maritime industry and promoting greenhouse gas reduction and carbon offsets in the LNG value chain. We advocate LNG and natural gas as a transition fuel, which provides a strong base to explore other reliable, affordable and sustainable energy solutions.