Shell announced on Tuesday that it had reached an agreement to acquire 100% of the capital of Pavilion Energy, a liquefied natural gas (LNG) specialist, from a subsidiary of Temasek, Singapore's sovereign wealth fund.

The Anglo-Dutch energy group explains that this acquisition will enable it to strengthen its LNG business, which it expects to grow by 20% to 30% by 2030 compared with 2022.

Shell says it expects demand for LNG to rise by more than 50% by 2040, as Asian industrial groups move away from coal and towards gas.

The acquisition is expected to be finalized in the first quarter of 2025.

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