Sanat Anand
MET Group has signed a 10 year FOB (Free-On-Board) LNG purchase agreement with Shell to secure a long term supply of US sourced liquefied natural gas (LNG).This will strengthen MET Group’s energy supply portfolio and security of supply for its diverse customer base across Europe.
Through this long term contract, MET Group will be able to optimize its downstream requirements by using Shell’s global LNG supply. MET Group has a large network of long term regasification capacity bookings in Germany, Croatia and Spain and has imported LNG into 8 different European countries in the past years. This flexible LNG supply supports MET Group’s European operations and its diversification ambitions, including potential expansion into new markets like Asia.
György Vargha, CEO of MET International AG said: “This long term FOB source fits perfectly into MET’s LNG strategy. By combining its downstream presence and regasification capacity portfolio across Europe, MET Group can now optimize its supply requirements with this flexible LNG from Shell.” Tom Summers, Senior Vice President of Shell LNG Marketing and Trading added: “LNG is key to energy security. We are committed to working with MET Group to meet their gas supply needs and support the evolving energy demand across Europe and beyond.”
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This long term agreement between MET Group and Shell is a big step in diversifying gas supply sources and increasing energy security in Europe. It allows MET Group to manage price volatility and offer reliable and competitive energy solutions to its customers, from gas fired power plants to energy intensive industries and households.[1][4][5] Experts say that partnerships between energy traders and major suppliers are key to energy supply and the evolving energy needs in the region. Moreover, the flexible LNG supply from this agreement fits into the broader trend of moving to cleaner energy sources. LNG is a bridging fuel that can help Europe transition to a lower carbon energy mix, reducing greenhouse gas emissions compared to other fossil fuels like coal As Europe continues to decarbonise, this long term LNG supply agreement between MET Group and Shell will help meet the region’s evolving energy needs in a more sustainable way.
