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Shell transfers its $720m Cyprus stake to Hungarian MOL
Global energy giant Shell has decided to sell its BG Cyprus unit, which holds a stake in the Aphrodite gas field in the Eastern Mediterranean, to Hungary's MOL Group for $720 million. The deal is expected to be completed in 2027.
Shell transfers its $720 million stake in Cyprus to Hungarian MOL.
Global energy giant Shell has decided to sell its BG Cyprus unit, which holds a stake in the strategic Aphrodite gas field in the Eastern Mediterranean, to Hungary's MOL Group for $720 million. The company will use the proceeds to strengthen its global liquefied natural gas (LNG) portfolio.
Shell announced it has agreed to sell its BG Cyprus unit, which owns the parcels containing the Aphrodite gas field in the Eastern Mediterranean, to Hungary's MOL Group for up to $720 million. The deal is expected to be completed in 2027.
After the sale, the 35% non-operated stake that BG Cyprus holds in the block off the coast of Cyprus will fully transfer to Hungary's MOL Group. Shell Integrated Gas President Cederic Cremers said in a statement on the decision:
"Our decision to exit was taken in line with our disciplined capital allocation and portfolio preferences. We are focusing on opportunities that will strengthen our integrated LNG value chain."
Balance shifts in the Aphrodite field
The Aphrodite gas field, located in the exclusive economic zone off the coast of the island of Cyprus, is operated by the Cypriot unit of US-based Chevron with a 35% stake. The other stakes in the field were held by BG Cyprus with 35% and Israel's NewMed Energy with 30%. Once the deal is finalized, MOL will take over the 35% partnership stake in the field.
Shell had acquired these stakes in the Aphrodite field in 2015 through the BG Group, which it purchased in 2016. Shell focuses on LNG portfolio
Aiming to expand its LNG portfolio to capitalize on rising global demand, Shell announced that it will make a final investment decision on the second phase of its Canada LNG project by the end of 2026. Meanwhile, the company reported on Thursday that its second-quarter net profit more than doubled compared to last year, reaching $9.84 billion.
The record increase was driven by rising energy prices and market volatility caused by conflicts in the Middle East. Despite a 31% quarterly drop in gas production, Shell's integrated gas division, which houses the world's largest LNG trading desk, managed to beat expectations with a 55% increase in profit year-on-year to $2.7 billion. Bosses protect their billion-lira companies.
What about themselves? In today's world, the biggest security risk is not a lack of a guard at the door; it’s mobile phones, digital footprints, and neglect of privacy. Because now the most valuable vault for bosses is not a bank vault, but their private lives and data. After US President Trump announced that the Peace Council had reached a historic agreement on Hamas laying down its arms in Gaza, Hamas also issued a statement.
Hamas announced it had accepted a comprehensive ceasefire agreement in Gaza that includes Israel's withdrawal from Gaza, reconstruction, the deployment of an international force, and the National Committee taking over its duties.
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