Pavilion Energy Buys Iberdrola's LNG Assets

Singapore’s Pavilion Energy has entered into an agreement to purchase the portfolio of LNG assets of Spanish Iberdrola, it said June 20, without naming the price.

The portfolio comprises about 4mn metric tons/year of Iberdrola's long-term sale and supply LNG contracts. It also includes long-term regasification of some 2mn mt/yr at the Grain LNG terminal (UK), regasification access in Spain and the Spanish-France border pipeline capacity, as well as the time-charter of a newbuild MEGI LNG vessel, Pavilion said.

Also, both parties have concluded a gas sales agreement for Pavilion Energy to supply natural gas in Spain to Iberdrola Generacion Espana.           

The acquisition was entered into by Pavilion Energy Trading & Supply, a wholly-owned subsidiary of Pavilion Energy. The closing of this transaction will take place on January 1, 2020.