Temasek subsidiary Pavilion Energy Trading & Supply Pte. Ltd. (Pavilion Energy) and bp Singapore Pte Limited (bp Singapore) on Wednesday (9 June) signed a long-term LNG sale and purchase agreement (SPA) for the supply of approximately 0.8 million tonnes of LNG per year to Singapore for 10 years from 2024.
Beyond the supply of LNG to Singapore, both companies will strive to co-develop and implement a greenhouse gas (GHG) quantification and reporting methodology.
The methodology will cover emissions from wellhead-to-discharge terminal and be principled on mutual transparency and the adherence to relevant international standards.
“This agreement further strengthens our relationship with bp as Pavilion Energy advances our strategies for a lower carbon future, beginning with GHG emissions quantification, reduction and offsets for Singapore,” said Frédéric H. Barnaud, Group CEO of Pavilion Energy.
Mr Eugene Leong, bp’s country president of Singapore and CEO of trading & shipping Asia Pacific & Middle East, said, “bp’s ambition is to be a net zero company by 2050 or sooner and to help the world get to net zero.”
“We are excited to enter into this agreement with Pavilion Energy not only to supply the Singapore market with LNG but also to co-develop a methodology to quantify the carbon intensity associated with the supply.
“We look forward to working with Pavilion Energy in implementing this innovative deal using bp’s LNG supply portfolio.”
Photo credit: Manifold Times
Published: 10 June, 2021
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