MET Group pens LNG deal with Shell
Swiss-based MET Group has entered into a 10-year free-on-board agreement with Shell to purchase US LNG, the company announced on July 9. MET will supply this LNG to its European customers.
“Through the long-term contract with Shell, MET Group is able to further diversify its LNG supply portfolio, helping to ensure security of supply for its customers across Europe, ranging from its own gas-fired power plant demand to energy-intensive industrial companies, SMEs, and households,” the company stated.
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MET has long-term regasification capacity bookings in Germany, Croatia, and Spain, and has imported LNG into eight different countries in recent years, including Greece, Italy, Croatia, Spain, the UK, Belgium, Germany, and Finland. In 2023, MET delivered more than 30 cargoes of LNG to Europe.
Last year, the company set up an office in Singapore to focus on LNG trading and asset investments in Asia. MET Asia, a subsidiary owned 90% by MET Group and 10% by Singapore's Keppel, aims to expand MET's business reach to the region and accelerate the growth of the company's expanding LNG portfolio beyond Europe.
MET also signed an LNG deal with US developer Commonwealth LNG last year.