Reuters is reporting that Singapore’s Pavilion Energy is looking to establish new markets in Europe and expand its business in Asia, in a bid to become a global LNG trader.
In an interview with Reuters, Frederic Barnaud, Pavilion Energy’s group chief executive, said that the company is expecting a turnover of US$3 billion next year. He elaborated that half of this total is expected to be derived from the company’s European portfolio, following the recent acquisition of Iberdrola’s LNG assets, and the rest from Singapore.
As part of its plans to increase its presence in Europe, Pavilion is opening a European headquarters in Madrid in January 2020. Furthermore, the company will reportedly add 40 to 50 people to its global headcount, all working in various functions in the new Madrid headquarters, including: finance, risk management, LNG trading and operations.
“(We will) build the global LNG business that is also anchored around three critical markets: Singapore, Spain and the UK where we will import LNG and then sell and trade the gas in the wholesale market, in hubs and large industrial customers,” Barnaud told Reuters.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25092019/pavilion-eyes-europe-as-lng-expansion-opportunity/