SINGAPORE - A unit of Temasek-backed Pavilion Energy has inked a memorandum of understanding with Malaysia's Petronas to collaborate on a number of areas in the liquefied natural gas (LNG) space.
Under the agreement, which was signed in Kuala Lumpur on Thursday (Mar 30), Pavilion Gas and Petronas LNG, a subsidiary of Petronas, will collaborate on the supply and optimisation of LNG, including spot trading and cargo swaps.
They will also look at joint efforts relating to LNG receiving terminal and storage facilities.
"Petronas' strong presence in the integrated LNG value chain and diversified LNG portfolio, together with Pavilion Energy's position as one of the LNG importers in Singapore, will allow both companies to leverage on each other's strengths to create value and growth in the region," Datuk Mohd Anuar Taib, Petronas executive vice president and chief executive officer upstream, said in a joint statement on Friday.
Pavilion Energy chief executive Seah Moon Ming added that the collaboration between both companies will also strengthen and grow the regional LNG market.