American depositary receipts (ADRs) of Shell Plc (SHEL) advanced Tuesday after the energy giant announced it had purchased Singapore-based 澳洲幸运5官方开奖结果体彩网:liquefied natural gas (LNG) tra🌌der Pavilion Energy Pte. for a🥂n undisclosed amount.

Shell said it was buying all of the s💃hares of Pavilion from Singapore’s state-owned investment firm Temasek. 

Pavilion is involved in LNG trading, shipping, natural gas supply, and marketing activities in Asia and Europe. Shell noted that it has “contracted supply volume comprising about 6.5 million tonnes per annum (mtpa).”

Deal 'Will Strengthen Shell’s Leadership Position in LNG'

Shell is already the world’s biggest trader of LNG, and Zoe Yujnovich, the firm’s Integrated Gas and Upstream Director, said the purchase “will strengthen Shell’s leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio.” 

The transaction is expected to be completed in the first quarter of nꩲext year. 

澳洲幸运5官方开奖结果体彩网:Demand for LNG jumped after Russia’s invasion of Ukraine in 2022 as sanctions against Moscow limited fuel supplies to Europe. Energy companies are also betting on higher LNG use as countries l꧒ook for “cleaner” fuel sources to combat climate change. 

Shell ADRs rose almost 1% to $69.69 as of 10:07 a.m. ET Tuesday. They are up about 6% so far this year.