When Shell announced the $720mn sale of its 35% Aphrodite stake to Hungary’s MOL on 31 July, the transaction appeared to represent little more than another portfolio optimization by the UK major (MEES, 31 July).
Behind the scenes, however, multiple sources familiar with discussions between Shell and Cyprus’ Energy Ministry describe an increasingly bitter dispute over whether the company respected the government’s role in approving the transfer of participating interests in the Aphrodite gas project. (CONTINUED - 970 WORDS)
