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Shell transfers strategic East Med gas stake to Hungary's MOL
Shell has decided to sell its 35 percent stake in the Aphrodite gas field off Cyprus to Hungarian MOL Group for $720 million. The deal is expected to be completed in 2027.
Global energy giant Shell is transferring its presence in the strategic Aphrodite gas field in the Eastern Mediterranean to Hungary. The company will sell the 35 percent stake held by its BG Cyprus unit to Hungarian MOL Group for $720 million.
Shell Integrated Gas President Cederic Cremers said the decision was taken in line with disciplined capital allocation and portfolio preferences, stating, "We are focusing on opportunities that will strengthen our integrated LNG value chain." The deal is expected to be completed in 2027.
New partner in Aphrodite field
Located in Cyprus's Exclusive Economic Zone, the operator of the Aphrodite field is the Cypriot unit of US-based Chevron with a 35 percent stake. The remaining shares in the field were split between BG Cyprus with 35 percent and Israel's NewMed Energy with 30 percent. With Shell's exit, control of the 35 percent non-operator interest in the field will fully pass to Hungarian MOL Group.
Shell had acquired these shares in 2015 through its purchase of BG Group in 2016. The company is redirecting its resources to strengthen its global liquefied natural gas (LNG) portfolio.
Shell also announced that its net profit for the second quarter more than doubled compared to the same period last year, reaching $9.84 billion. This record increase was driven by rising energy prices and market volatility caused by conflicts in the Middle East. The company's integrated gas business saw a 55 percent increase in profit from the previous year to $2.7 billion, despite lower gas production.
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