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Shell Buys Pavilion Energy: Because Who Needs Clean Energy Anyway?

Posted by John Donovan: 20 June 2024

In a move that’s sure to make environmentalists everywhere throw up in their mouths a little, Shell, the world’s top LNG trader and our favourite oil-stained villain is beefing up its fossil fuel empire by buying Pavilion Energy. Yes, you heard that right. Shell is doubling down on liquefied natural gas because apparently, climate change isn’t happening fast enough.

Shell announced on Tuesday that its subsidiary, Shell Eastern Trading Pte. Ltd., has inked a deal with Carne Investments Pte. Ltd., an indirect subsidiary of Temasek, to snatch up 100% of Pavilion Energy. What better way to celebrate summer than by acquiring yet another company to exploit natural resources?

Pavilion Energy, with its extensive LNG trading, shipping, and natural gas supply operations across Asia and Europe, boasts a contracted supply volume of about 6.5 million tonnes per annum. That’s a lot of gas, folks. And Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich, is positively giddy about it. “The acquisition of Pavilion Energy will strengthen Shell’s leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio,” Yujnovich said in a statement. Translation: “We’re getting even better at polluting the planet.”

The integration of these portfolios is expected to kick off after the deal closes in the first quarter of 2025, pending regulatory approvals. Because even when you’re a global megacorp, you still have to pretend to play by the rules.

In a twist that surprises no one, Shell outbid Saudi oil giant Aramco to secure this deal. Aramco, by the way, has also been dabbling in the LNG market, proving once again that oil giants just can’t resist the siren call of fossil fuels. Meanwhile, Shell is planning to grow its LNG business by 20-30% by 2030 because, clearly, nothing says “sustainability” like increasing your fossil fuel output.

So, while the rest of us are busy trying to reduce our carbon footprints, Shell is charging full speed ahead, betting on a 50% surge in global LNG demand by 2040. With Asia switching from coal to gas and boosting LNG consumption to fuel its economic growth, Shell’s strategy is simple: more gas, more money, and screw the planet.

In conclusion, Shell’s latest acquisition is a stark reminder that when it comes to the environment, they’re more interested in making a buck than making a difference.

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