Even though there appear to be plenty of critics of the proposed $70 billion acquisition of BG Group by Royal Dutch Shell PLC (NYSE: RDS-B), we are not among them. On the basis of per barrel cost, the deal looks like a real bargain for Shell.

But wait, there is more. BG’s upstream business in oil and gas exploration and production is complemented by its liquefied natural gas (LNG) shipping and marketing business. In 2014, operating profit in the upstream business totaled $3.95 billion, while operating profit in the LNG business totaled $2.54 billion.

BG moved its LNG trading business from London to Singapore last year to cut its tax burden, and at least one expert thinks that could save the company $200 million annually in taxes. That is not chump change, and the number will grow as Shell integrates its natural gas and LNG production into the BG trading business.

In 2014, BG delivered 11 million metric tons of LNG (more than 500 billion cubic feet). Shell produced about 3.38 trillion cubic feet of natural gas (equivalent to about 71 million metric tons of LNG) last year, and we can expect a fair portion of that to find its way to BG’s trading group as LNG.

How much difference can that make? In 2014 BG’s operating profit fell by 4% year-over-year because it had to pay higher spot prices for LNG. That should no longer be a problem.

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BG is also initial customer for the Cheniere Energy Inc. (NYSEMKT: LNG) LNG liquefaction facility at Sabine Pass, La., scheduled to open later this year. BG has contracted for 5.5 million metric tons of Sabine Pass LNG per year for 20 years and expects to add another 8 million metric tons by the end of next year from its own Queensland, Australia, LNG plant, which began operations in December. The Queensland plant converts coal-seam gas (known in the United States as coalbed methane) to LNG for export.

The BG trading business will only get larger — and probably more profitable — over the next several years. That doesn’t mean it will last forever, but in the medium term the business puts an exclamation point on the Shell deal.

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