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Shell said on Thursday that it had completed the $5.4 billion acquisition of Repsol’s LNG business outside North America.

The deal was first announced in February 2013.

Shell, who prevailed over more than a dozen bidders for the assets, will now pay $3.8 billion in cash to the Spanish energy company and assume around $1.6 billion in leases related to ship charters.

The company said the charters are expected to “substantially increase” shipping capacity for its L.N.G. business.

Shell has publicly stated it believes global consumption of LNG will  double by 2025. The acquisition, which includes LNG capacity from facilities in Peru and in Trindad and Tobago, is expected to immediately contribute to Shell’s cash flow.

Repsol has sold assets worth more than $6.86 billion since 2012 as part of its strategy to reduce debt and sell businesses deemed not to be core to the company.