(Corrects spelling in Pavilion’s chief executive name in last paragraph)
* Completes acquisition of Iberdrola’s LNG and gas assets
* Opens European headquarters in Madrid
SINGAPORE, Jan 9 (Reuters) - Singapore gas importer and marketer Pavilion Energy said on Thursday it has started operations in Europe following its acquisition of gas assets in Spain, in its first major expansion outside Asia.
Pavilion completed the purchase of Spanish energy company Iberdrola’s liquefied natural gas (LNG) and gas assets on Jan. 1, doubling its portfolio and giving it access to European regasification terminals as well as Atlantic supplies.
Pavilion joins other Asian companies looking for more flexibility to buy and trade LNG amid uncertainty over climate policies as countries grapple with the dilemma of using cheaper coal versus more typically expensive but cleaner gas.
Pavilion, owned by Singapore state-owned investment company Temasek Holdings, launched its new European headqarters in Madrid and said it has started LNG trading operations as well as supplying natural gas to the United Kingdom and Spain.
It appointed Iberdrola’s head of global gas Jose Simon as managing director for Europe, overseeing the company’s European gas trading and global LNG portfolio management and origination business divisions.
In Asia, Pavilion appointed Alan Heng as managing director in addition to his current role as head of energy sales and market development division.
Pavilion chief executive Frederic Barnaud said last year the company expects a turnover of $3 billion this year, with half expected to come from its Europe portfolio and the rest from Singapore. (Reporting by Jessica Jaganathan; editing by Richard Pullin)
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