(Adds Temasek’s energy assets in fourth paragraph.)
Feb. 20 (Bloomberg) -- Temasek Holdings Pte, Singapore’s state-owned investment company, hired Seah Moon Ming to lead its efforts to set up a new department for liquefied natural gas investments.
Seah will join Temasek on March 1 as senior managing director for special projects, according to the investment company’s website. He was the deputy chief executive officer at Singapore Technologies Engineering Ltd., a Temasek unit that’s Southeast Asia’s biggest defense company.
“Moon Ming will be leading an initiative to establish a new business entity focusing on opportunities in the LNG sector which is expected to grow in Asia,” Tan Yong Meng, a Temasek spokesman, said in an e-mailed statement. The initiative “may include partnerships with experienced international players.”
LNG demand is set to increase as Japan, the world’s biggest consumer, moves away from nuclear energy following the Fukushima disaster almost two years ago. Global trade o3f the fuel will almost double to about 450 million metric tons by 2025 compared with last year, according to an estimate by BG Group Plc. Temasek, which managed S$198 billion ($160 billion) of assets as of March 2012, doubled its energy holdings to 6 percent of its assets for the year.
The initiative comes under Temasek’s enterprise development group, headed by Dilhan Pillay Sandrasegara, according to Temasek’s website. Tan declined to elaborate on plans for the new LNG department.
Temasek said earlier this month Chia Song Hwee replaced Tan Chong Lee as head of the investment unit as it reshuffles senior management positions. Chia became the head of the investment group in a change of title, while Tan, who was chief investment officer, assumes the role of head of portfolio and strategy group as well as head of portfolio management and head of strategy, according to changes on Temasek’s website.
--With assistance from Chou Hui Hong in Singapore. Editors: Linus Chua, Chua Baizhen