廣告　商業(yè)廣告，理性選擇

　　殼牌公司的子公司殼牌東方貿(mào)易私人有限公司宣布從淡馬錫控股的間接子公司Carne Investments私人有限公司收購Pavilion Energy私人有限公司。淡馬錫控股公司是一家新加坡主權(quán)財富基金，由新加坡政府所有。淡馬錫成立于1974年，是一家投資公司，擁有跨不同行業(yè)和地區(qū)的多元化投資組合。

　　Pavilion Energy總部位于新加坡，業(yè)務(wù)遍及亞洲和歐洲，專注于液化天然氣貿(mào)易、航運和天然氣供應(yīng)。然而，其管道天然氣業(yè)務(wù)和在坦桑尼亞區(qū)塊的股份不包括在本次交易中，并將在交易完成之前轉(zhuǎn)讓給淡馬錫的全資子公司gas Supply Pte Ltd。

　　此次戰(zhàn)略收購旨在通過將Pavilion Energy廣泛的液化天然氣交易業(yè)務(wù)整合到殼牌的全球運營中，鞏固殼牌在液化天然氣（LNG）市場的領(lǐng)導(dǎo)地位。

　　收購詳細(xì)信息

　　價值和結(jié)構(gòu)：殼牌將收購Pavilion Energy 100%的股份，價值約14億美元。此次收購包括Pavilion Energy的全球液化天然氣貿(mào)易業(yè)務(wù)，合同供應(yīng)量約為650萬噸/年（mtpa）。

　　財務(wù)影響：該交易納入了殼牌現(xiàn)有的資本支出指南，預(yù)計將滿足該公司綜合天然氣業(yè)務(wù)的內(nèi)部收益率（IRR）最低預(yù)期回報率。

　　戰(zhàn)略優(yōu)勢

　　增強(qiáng)液化天然氣能力：Pavilion Energy的投資組合包括長期液化天然氣銷售和供應(yīng)合同，英國、新加坡和西班牙的再氣化能力，以及液化天然氣船隊。這將大大提高殼牌在液化天然氣市場的靈活性和產(chǎn)能。

　　市場拓展：此次收購為殼牌公司提供了進(jìn)入亞洲和歐洲戰(zhàn)略天然氣市場的更多渠道，增強(qiáng)了其滿足不斷增長的能源需求的能力，并確保了其客戶的能源安全。

　　集成和未來計劃

　　整合時間表：交易完成后，將開始將Pavilion Energy的資產(chǎn)整合到殼牌的投資組合中，預(yù)計將于2025年第一季度完成，但需獲得監(jiān)管部門的批準(zhǔn)。

　　增長目標(biāo)：正如2023年資本市場日所強(qiáng)調(diào)的那樣，此次收購符合殼牌到2030年將液化天然氣業(yè)務(wù)擴(kuò)大20-30%的目標(biāo)。這也將有助于實現(xiàn)殼牌的目標(biāo)，即相對于2022年的水平，將購買的液化天然氣數(shù)量增加15-25%。

　　“收購Pavilion Energy將加強(qiáng)殼牌在液化天然氣領(lǐng)域的領(lǐng)導(dǎo)地位，為我們的全球投資組合帶來材料量和更多靈活性，”殼牌綜合天然氣及上游主管佐伊·尤諾維奇（Zo?Yujnovich）表示。“我們將收購Pavilion的液化天然氣銷售和供應(yīng)合同組合，其中包括進(jìn)一步進(jìn)入亞洲和歐洲的戰(zhàn)略天然氣市場。通過將這些整合到殼牌的全球液化天然氣組合中，殼牌有能力從這筆交易中實現(xiàn)價值，同時幫助滿足客戶的能源安全需求。”

　　受工業(yè)煤制氣轉(zhuǎn)換和亞洲經(jīng)濟(jì)增長的推動，預(yù)計到2040年，全球液化天然氣需求將增長50%以上。殼牌相信，液化天然氣將在能源轉(zhuǎn)型中發(fā)揮關(guān)鍵作用，在發(fā)電和工業(yè)應(yīng)用中取代煤炭，從而減少空氣污染和碳排放。

　　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 Zo? 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.