Shell is cooperating with the government of Cyprus on a project, leading to an agreement to sell a subsidiary for up to $720 million, while maintaining a presence in Egypt.
5 reports, 1 independent
Updated Jul 31
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New informationRepeats or wire copies
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What happened
Shell is cooperating with the government of Cyprus on a project, leading to an agreement to sell a subsidiary for up to $720 million, while maintaining a presence in Egypt.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- Shell agreed to sell the BG Cyprus unit, which is related to the Aphrodite gas field, to MOL Group.Sub-event
Shell/Cyprus cooperation on a major energy project leading to a subsidiary sale.1 source
Keep exploring
Part of
The Eastern Mediterranean is seeing an energy partnership develop, while geopolitical tensions rise due to Turkey's actions regarding Cyprus and its regional bloc.Also in this story
- A three-way summit was held between Cyprus and Egypt focusing on regional cooperation.
- Cypriot gas is planned to utilize Egyptian infrastructure for export, providing pivotal liquefaction facilities for the European gas market.
- Ankara claims an expansive exclusive economic zone, highlighting the critical nature of shared natural gas discoveries in the region.
The entities involved
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Shell
British multinational oil and gas company
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Cyprus
country in the Mediterranean Sea
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Egypt
country in Northeast Africa and Southwest Asia
- The new event details established facts regarding Egypt, including the Camp David Accords, the function of the Suez Canal connecting to the Red Sea, the reliance of the population on the Nile, and Sisi's tenure.
- An IL Monte Galala Marina development is currently underway in the Red Sea region of Egypt.
Related events
- Shell acquired the British giant BG Group, which operates in oil-and-gas prospecting and exploration, in the Mediterranean Sea area.
- Russia is seeking €1.5 billion from Shell over gas payments related to the Sakhalin LNG project.
- Shell is selling its chemicals business operating in Pennsylvania, with potential buyers including Kuwait Petroleum Corporation, LyondellBasell, and ExxonMobil.
- Shell has secured preliminary agreements for access and joint ventures within Venezuela's oil sector.
- A company was incorporated in Cyprus, with its registered address in London, and its main activities are performed in Israel.