壳牌收购Pavilion Energy以提高液化天然气市场占有率

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　　壳牌公司的子公司壳牌东方贸易私人有限公司宣布从淡马锡控股的间接子公司Carne Investments私人有限公司收购Pavilion Energy私人有限公司。淡马锡控股公司是一家新加坡主权财富基金，由新加坡政府所有。淡马锡成立于1974年，是一家投资公司，拥有跨不同行业和地区的多元化投资组合。

　　Pavilion Energy总部位于新加坡，业务遍及亚洲和欧洲，专注于液化天然气贸易、航运和天然气供应。然而，其管道天然气业务和在坦桑尼亚区块的股份不包括在本次交易中，并将在交易完成之前转让给淡马锡的全资子公司gas Supply Pte Ltd。

　　此次战略收购旨在通过将Pavilion Energy广泛的液化天然气交易业务整合到壳牌的全球运营中，巩固壳牌在液化天然气（LNG）市场的领导地位。

　　收购详细信息

　　价值和结构：壳牌将收购Pavilion Energy 100%的股份，价值约14亿美元。此次收购包括Pavilion Energy的全球液化天然气贸易业务，合同供应量约为650万吨/年（mtpa）。

　　财务影响：该交易纳入了壳牌现有的资本支出指南，预计将满足该公司综合天然气业务的内部收益率（IRR）最低预期回报率。

　　战略优势

　　增强液化天然气能力：Pavilion Energy的投资组合包括长期液化天然气销售和供应合同，英国、新加坡和西班牙的再气化能力，以及液化天然气船队。这将大大提高壳牌在液化天然气市场的灵活性和产能。

　　市场拓展：此次收购为壳牌公司提供了进入亚洲和欧洲战略天然气市场的更多渠道，增强了其满足不断增长的能源需求的能力，并确保了其客户的能源安全。

　　集成和未来计划

　　整合时间表：交易完成后，将开始将Pavilion Energy的资产整合到壳牌的投资组合中，预计将于2025年第一季度完成，但需获得监管部门的批准。

　　增长目标：正如2023年资本市场日所强调的那样，此次收购符合壳牌到2030年将液化天然气业务扩大20-30%的目标。这也将有助于实现壳牌的目标，即相对于2022年的水平，将购买的液化天然气数量增加15-25%。

　　“收购Pavilion Energy将加强壳牌在液化天然气领域的领导地位，为我们的全球投资组合带来材料量和更多灵活性，”壳牌综合天然气及上游主管佐伊·尤诺维奇（ZoöYujnovich）表示。“我们将收购Pavilion的液化天然气销售和供应合同组合，其中包括进一步进入亚洲和欧洲的战略天然气市场。通过将这些整合到壳牌的全球液化天然气组合中，壳牌有能力从这笔交易中实现价值，同时帮助满足客户的能源安全需求。”

　　受工业煤制气转换和亚洲经济增长的推动，预计到2040年，全球液化天然气需求将增长50%以上。壳牌相信，液化天然气将在能源转型中发挥关键作用，在发电和工业应用中取代煤炭，从而减少空气污染和碳排放。

　　Shell acquires Pavilion Energy to boost LNG market presence

　　Shell Eastern Trading Pte. Ltd., a subsidiary of Shell plc, has announced the acquisition of Pavilion Energy Pte. Ltd. from Carne Investments Pte. Ltd., an indirect subsidiary of Temasek Holdings. Temasek Holdings is a Singaporean sovereign wealth fund owned by the Government of Singapore. Established in 1974, Temasek is an investment company with a diverse portfolio across various sectors and geographies.

　　Pavilion Energy is headquartered in Singapore and operates across Asia and Europe, focusing on LNG trading, shipping, and natural gas supply. However, its pipeline gas business and stakes in Tanzanian blocks are not included in this transaction and will be transferred to Gas Supply Pte Ltd, a wholly-owned subsidiary of Temasek, prior to the deal’s completion.

　　The strategic acquisition aims to bolster Shell’s leadership in the liquefied natural gas (LNG) market by integrating Pavilion Energy’s extensive LNG trading business into Shell’s global operations.

　　Acquisition details

　　Value and Structure: Shell will acquire 100% of the shares in Pavilion Energy, valued at approximately USD1.4 billion. This acquisition includes Pavilion Energy’s global LNG trading business with a contracted supply volume of about 6.5 million tonnes per annum (mtpa).

　　Financial Impact: The deal is incorporated within Shell’s existing capital expenditure guidance and is expected to meet the company’s internal rate of return (IRR) hurdle rates for its Integrated Gas business.

　　Strategic advantages

　　Enhanced LNG Capabilities: Pavilion Energy’s portfolio includes long-term LNG sale and supply contracts, regasification capacity in the UK, Singapore, and Spain, and a fleet of LNG vessels. This will significantly enhance Shell’s flexibility and capacity in the LNG market.

　　Market Expansion: The acquisition provides Shell with additional access to strategic gas markets in Asia and Europe, reinforcing its ability to meet growing energy demands and ensuring energy security for its customers.

　　Integration and future plans

　　Integration Timeline: The integration of Pavilion Energy’s assets into Shell’s portfolio will begin after the deal’s completion, expected by the first quarter of 2025, subject to regulatory approvals.

　　Growth Ambitions: This acquisition aligns with Shell’s goal to expand its LNG business by 20-30% by 2030, as highlighted in the 2023 Capital Markets Day. It will also contribute to Shell’s target of increasing purchased LNG volumes by 15-25% relative to 2022 levels.

　　“The acquisition of Pavilion Energy will strengthen Shell’s leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream director. “We will acquire Pavilion’s portfolio of LNG offtake and supply contracts, which includes additional access to strategic gas markets in Asia and Europe. By integrating these into Shell’s global LNG portfolio, Shell is strongly positioned to deliver value from this transaction while helping to meet the energy security needs of our customers.”

　　The global demand for LNG is projected to increase by more than 50% by 2040, driven by industrial coal-to-gas switching and economic growth in Asia. Shell believes that LNG will play a critical role in the energy transition, displacing coal in power generation and industrial applications, thereby reducing air pollution and carbon emissions.