Norton Rose Fulbright advises Pavilion Energy on 10-year LNG sale & purchase agreement with bp Singapore
Global | Business | giugno 2021
Global law firm Norton Rose Fulbright has advised Pavilion Energy Trading & Supply Pte. Ltd. (“Pavilion Energy”), a wholly-owned subsidiary of Pavilion Energy Pte. Ltd., on a long-term LNG sale and purchase agreement (SPA) with bp Singapore Pte Limited (“bp Singapore”).
Pavilion Energy and bp Singapore announced a 10-year LNG SPA for the supply of approximately 0.8 million tonnes of LNG per year to Singapore from 2024.
As part of the deal, Pavilion Energy and bp Singapore will also aim to jointly develop and implement a greenhouse gas quantification and reporting methodology, which will cover emissions from wellhead-to-discharge terminal.
Norton Rose Fulbright partners Ben Smith (Singapore) and Andrew Hedges (London) led the team advising Pavilion Energy, which included Singapore associate William Holmden and the firm’s legal process and technology team in Newcastle.
The firm provided advice on the structuring and terms of the procurement exercise as well as supporting the negotiation of the LNG SPA.
Ben Smith, who led the team, commented:
“This is the third long-term deal Pavilion Energy has signed since November 2020 that supports ambitions to reduce greenhouse gas emissions. The other two deals were with Chevron U.S.A. Inc (Singapore Branch) and Qatar Petroleum Trading, and we are proud to have worked with Pavilion Energy on all three deals to advise and assist them in these important steps to transition to a low-carbon future.”
Pavilion Energy is a wholly-owned subsidiary of Temasek. Headquartered in Singapore, its global energy business encompasses natural gas supply and marketing activities in South-East Asia and Europe; and global LNG trading, shipping and optimisation; as well as energy hedging and financial solutions. Pavilion Energy has also been a pioneer by developing LNG bunkering for the maritime industry and by promoting greenhouse gas emissions reduction and carbon offsets in the LNG value chain.
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