SINGAPORE: Temasek Holdings has set up an energy company to tap Asia's growing energy demand.
Pavilion Energy will have an initial authorised capital of S$1 billion and should be operational by September.
The company will invest globally across Liquefied Natural Gas (LNG)-related businesses.
These include LNG trading and exploration as well as storage, processing and shipping.
Temasek said in a statement that as the region's economies continue to transform and urbanise, the demand for clean energy, especially LNG, is expected to increase.
According to the International Energy Agency, the global use of gas will rise 50 per cent by 2035, from the levels in 2010.
Gas will account for a quarter of the world's energy mix, especially with increasing demands from large economies such as China which is replacing coal with gas as an energy source.
Pavilion Energy will look to partner with energy industry leaders and players to meet the region's growing gas needs.
It may also co-invest alongside Temasek, which has been stepping up its investments in the energy and resource sectors over the last few years.
Pavilion has appointed Mohd Hassan Marican, the former president and CEO of Petronas, as chairman of its board.
The company has also appointed Seah Moon Ming as its chief executive officer.
Mr Seah joined Temasek in March and was most recently the deputy CEO of ST Engineering, overseeing ST Aerospace, ST Electronics, ST Kinetics and ST Marine.
"To secure long-term and stable supply of LNG to our customers in Singapore and the Asian region, we will be sourcing our LNG supply from multiple sources and various partners in North America, Europe, Asia, Africa and Australia," said Mr Seah in the statement.
Over the coming months, Pavilion Energy will work to set up the various parts of its operations and it expects to be operational in September 2013. ?
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