FILE PHOTO: An LNG tanker passes boats along the coast of Singapore February 3, 2017. Picture taken February 3, 2017. REUTERS/Gloystein Henning/File PhotoLONDON: Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said.
Aramco believes the deal would position it as a global LNG player. It is accelerating its gas exploration and aims to boost production by more than 60 per cent from 2021 levels by 2030. Shell has said it believes gas and LNG will play a critical role in the energy transition by replacing more polluting coal in power plants.
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