Energy company Shell said on Friday it had ‌agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720 million, as the British oil major sharpens its focus on LNG ​operations.

BG Cyprus’ 35 per cent non-operated interest in a Cyprus Offshore block, home ​to the Aphrodite gas field in the eastern Mediterranean, will ⁠be controlled by MOL upon the expected 2027 completion of the deal.

“Our ​decision to exit is driven by disciplined capital allocation and portfolio choices, as ​we focus on opportunities that strengthen our integrated LNG value chain,” Shell’s Integrated Gas President Cederic Cremers said in a statement.

Shell has been seeking to expand its LNG portfolio to capitalise ​on rising global demand for the fuel and on Thursday said it ​will take a final investment decision on its Canada LNG project phase 2 by the ‌end ⁠of 2026.

The Aphrodite gas field, located in an exclusive economic zone off the coast of Cyprus, is operated by Chevron’s Cypriot unit with a 35 per cent stake, while BG Cyprus and Israel’s NewMed Energy hold 35 per cent and 30 per cent non-operating ​interests, respectively.

BG Group, ​which was bought ⁠out by Shell in 2016, had acquired the Aphrodite interest in 2015 through its Cyprus unit.

Shell announced on Thursday that its ​net profit more than doubled from last year to $9.84 billion ​in ⁠the second quarter, beating expectations, helped by higher energy prices and increased market volatility during the Middle East conflict.

Profits from Shell’s integrated gas business, which includes the ⁠world’s ​biggest LNG trading desk, comfortably beat expectations at $2.7 ​billion, 55 per cent above last year’s despite its gas production falling 31 per cent quarter-on-quarter.