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Singapore’s Temasek buys stake in Tanzania gas venture

Singapore: An energy company fully owned by Singapore’s state-linked investment firm Temasek Holdings on Thursday said it will pay $1.3 billion to buy a 20 per cent stake in three gas blocks in Tanzania. Pavilion Energy, which was formed in April, will buy the stake from London-listed Ophir Energy, it said in a statement. “The natural gas developments in Tanzania hold tremendous potential – not just for Pavilion Energy but for Singapore and Asia,” said Pavilion chairman Hassan Marican.