Shell Sells Cyprus Unit for Up to $720 Million as LNG Focus Intensifies

Shell has agreed to sell its BG Cyprus unit to MOL Group for up to $720 million, as part of the company's efforts to focus on liquefied natural gas (LNG) operations.

The BG Cyprus unit holds a 35% non-operated interest in the Aphrodite gas field, located off the coast of Cyprus. The deal is expected to be completed by 2027.

Shell's Integrated Gas President Cederic Cremers said the decision to exit the project was driven by 'disciplined capital allocation and portfolio choices', as the company seeks to strengthen its integrated LNG value chain.