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Temasek buys Tanzanian LNG
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An energy company fully owned by Singapore’s state-linked investment firm Temasek Holdings yesterday said it will pay US$1.3 billion to buy a 20 percent stake in three gas blocks in Tanzania.
Pavilion Energy, which was formed in April, will buy the stake from London-listed Ophir Energy, it said in a statement.
“The natural gas developments in Tanzania hold tremendous potential — not just for Pavilion Energy but for Singapore and Asia,” said Pavilion chairman Hassan Marican.
“The LNG from the Tanzanian project will provide another source of supply to the Asian markets,” he said.
Pavilion, which has a committed capital of US$6.9 billion, said the planned acquisition is its “first major investment to build a diversified LNG supply portfolio to meet Asian demand for clean energy”.
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