Pavilion Energy enters agreement to acquire Spanish LNG assets of Iberdrola

Singapore-based Pavilion Energy has entered into an agreement with Iberdrola to acquire its Spanish liquefied natural gas (LNG) portfolio. 

The portfolio consists of about four million tonnes per annum (mtpa) of long-term LNG sale and supply contracts. It includes long-term regasification capacity of about 2 mtpa at Britain’s Grain LNG terminal, access to regasification capacity in Spain and on a pipeline between Spain and France, as well as the time-charter of a newly built LNG vessel.

Financial details about the transaction were not disclosed. 

The deal is expected to be completed by January 2021.