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HomeLNGMET Group secures long-term US LNG source from Shell

MET Group secures long-term US LNG source from Shell

Swiss-based MET Group has entered into a long-term FOB (Free-On-Board) LNG purchase agreement, by signing a 10-year agreement with Shell. MET’s primary objective is to supply its European customers with US LNG.

Through the long-term contract with Shell, MET Group will further diversify its LNG supply portfolio to ensure security of supply for its customers across Europe, ranging from its own gas-fired power plant demand to energy-intensive industrial companies and SMEs and households. As MET explained, alongside bolstering the security of supply for MET’s European portfolio, this flexible LNG supply enables its diversification ambitions, allowing the company to extend its geographical scope to new regions such as Asia.

“The long-term FOB source fits perfectly into MET’s LNG strategy,” said György Vargha, CEO of MET International said. “We have a diverse European downstream position building on a regasification capacity portfolio around Europe, optimising our downstream requirements with flexible supply sources. As a natural next step, we have entered a long-term FOB position enabling diversification to the global LNG markets.”

“LNG has a crucial role to play in delivering energy security and agreements such as this are instrumental in achieving that,” added Tom Summers, Senior Vice President of Shell LNG Marketing and Trading. “We look forward to working with MET Group to fulfil their gas requirements and help to meet the needs of its diverse customer base.”

MET has one of the most diversified LNG import structures from a geographical perspective in Europe. The integrated energy company has long-term regasification capacity bookings in Germany, Croatia and Spain and has imported into 8 different countries in recent years – including around the Mediterranean (Greece, Italy, Croatia, Spain), Northwest Europe (UK, Belgium, Germany) and the Nordic region (Finland). In 2023, MET delivered more than 30 cargoes of LNG to Europe.

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