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Total inks 10-year LNG deal with Singapore’s Pavilion Energy

Total inks 10-year LNG deal with Singapore’s Pavilion Energy
French oil major Total has agreed to a 10-year deal with Singapore’s Pavilion Energy to supply 700,000 tonnes per year of LNG to Asia, including Singapore.

The latest deal, worth around $7bn, will see shipments start in 2018.

It also adds 200,000 tonnes per annum of LNG to Pavilion Energy’s first long term LNG supply agreement for 500,000 tonnes per annum which it had earlier struck with Total in October 2013.

“This long term sales agreement to deliver LNG to Asia, including Singapore, reinforces our strategy to expand LNG trade in this region,” said Philippe Sauquet, head of gas and power at Total.

Seah Moon Ming, ceo of Pavilion Energy, owned by Singapore government-controlled investment firm Temasek Holdings, said: “This is an important development for Pavilion as a regional LNG player in meeting the growing energy needs in Asia.

“This deal with Total strengthens Pavilion Gas’ LNG supply portfolio as it provides supply diversification from global LNG sources.”

In May this year Pavilion Energy formed a joint venture with BW Group to acquire, manage and charter maritime LNG assets, including LNG carriers.

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