By KINIBIZ
Hassan Marican
Former CEO of national oil company Petroliam Nasional Bhd or Petronas has been appointed chairman of an energy company set up by Temasek Holdings Pte, Singapore’s state-owned investment company.
The energy company, Pavilion Energy will tap growing demand in Asia and focus on liquefied natural gas, Bloomberg reported. It will have an initial authorised capital of S$1 billion (US$806 million) and will be operational in September, Pavilion Energy said in an e-mailed statement today. The company will be headed by Seah Moon Ming, who joined Temasek as of March 1.
The energy company expects “to participate and invest in various parts of the LNG value chain to ensure long term LNG supply,” Seah said in the statement.
“These could include LNG trading; investing alongside international oil and gas companies as partners to develop upstream LNG projects; building of LNG storage and re- gasification terminals; and investing in LNG shipping,” Seah said. “Long term secure and reliable supply is critical to success in the LNG business.”
Pavilion may invest alongside Temasek, which has been stepping up its investments in the energy and resources sectors over the past few years, according to the statement.
Marican worked with Petronas for 21 years from 1989 to 2010 and served 15 years as Petronas’ president and CEO, a position he held from 1995 until February 2010. Under his leadership, Petronas ventured overseas into Africa, the Middle East and Asia Pacific.
He was appointed as chairman of Singapore Power in June last year. Shortly after leaving Petronas, he also accepted directorship positions in government-linked SembCorp Industries and SembCorp Marine. He is also a Senior International Advisor of Temasek International Advisors, a subsidiary of Temasek Holdings.
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