MET Group Secures Long-Term US LNG Supply from Shell

Swiss-based MET Group has solidified its commitment to supply European customers with US LNG through a newly signed long-term FOB (Free-On-Board) purchase agreement with Shell. This 10-year agreement underscores MET Group's strategic focus on securing reliable LNG supply sources to meet the growing energy demands in Europe, ensuring stability and competitiveness in the region's energy market.

Through a strategic long-term contract with Shell, MET Group enhances its LNG supply portfolio, ensuring robust supply security for diverse customer needs across Europe. This includes catering to demand from MET's own gas-fired power plants, energy-intensive industries, SMEs, and households. The flexible LNG supply not only strengthens supply security for MET's European operations but also supports its diversification goals by facilitating expansion into new markets, including regions like Asia.

MET Group boasts one of Europe's most diversified LNG import structures across various geographies. The integrated energy company has secured long-term regasification capacities in Germany, Croatia, and Spain, facilitating LNG imports into eight different countries recently. These include countries around the Mediterranean such as Greece, Italy, Croatia, and Spain, as well as Northwest Europe (UK, Belgium, Germany) and the Nordic region (Finland). In 2023 alone, MET successfully delivered over 30 LNG cargoes, underscoring its robust operational capability and expansive market reach across Europe.

György Vargha, CEO of MET International AG, emphasized the strategic fit of the long-term FOB (Free on Board) source within MET’s LNG strategy. Highlighting MET’s diverse downstream presence across Europe and a portfolio of regasification capacities, Vargha underscored the importance of optimizing downstream requirements with flexible supply sources. The acquisition of a long-term FOB position marks a natural progression for MET, enabling diversification into global LNG markets and enhancing their capabilities in meeting global energy demands effectively.

Senior Vice President of Shell LNG Marketing and Trading, Tom Summers, emphasized the main role of LNG in ensuring energy security. He emphasized that strategic alliances, such as the partnership with MET Group, play a crucial role in achieving this objective. Summers reaffirmed Shell's commitment to collaborating closely with MET Group to effectively meet their gas supply needs. This collaboration not only aims to ensure reliable energy supply but also supports MET's diverse customer base, including gas-fired power plants, energy-intensive industries, SMEs, and households, thereby contributing significantly to meeting the evolving energy demands across Europe and beyond.

MET Group, a pan-European energy leader headquartered in Switzerland, boasts a diversified portfolio across natural gas and power markets. With a presence spanning 15 countries, 30 national gas markets, and 39 international trading hubs, MET leverages its expertise in both green (renewable) and flexible (conventional) energy assets to offer comprehensive solutions that drive the energy transition forward.