Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.
The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.
Temasek is evaluating bids for the sale of Pavilion Energy's assets, excluding its gas pipeline business, one of the sources said, adding that a final bidding round was likely in coming weeks, before a winner is announced if the price is right.
It was not immediately clear how many bids Temasek had received, or their financial terms.
Bloomberg first reported on the sale process in August.
Pavilion Energy directed enquiries to Temasek, which declined to comment. Shell declined to comment and Saudi Aramco did not respond to a request for comment.
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