The transaction will involve Shell purchasing all of Pavilion’s shares from Singaporean state-owned investment firm Temasek Holdings Pte, according to a statement from the Singaporean firm. Temasek expects the transaction to be completed by first quarter 2025, and didn’t disclose the financial details.

Pavilion, a unit of Temasek, trades and ships LNG in Asia and Europe, with a portfolio of about 6.5 million tonnes per year of long-term contracts. The firm also has a license to import the fuel into Singapore and access to receiving terminals in Spain and the UK.

Shell holds the largest gas liquefaction and marketing portfolio among energy majors, meeting almost a fifth of worldwide demand, according to Bloomberg Intelligence. The company expects global LNG demand will rise by more than 50% through 2040 as the world shifts away from dirtier fossil fuels.

Under the sale, Temasek will retain Gas Supply Pte, which imports piped gas from South Sumatra in Indonesia, as well as Pavilion’s interest in gas blocks in Tanzania.