Switzerland-based energy trader MET Group has struck a 10-year deal for Shell to supply it with liquefied natural gas (LNG) from the U.S. on a free-on-board (FOB) basis, it said on Tuesday.
MET Group said the agreement will enable it to further diversify its LNG supply portfolio, helping to ensure security of supply for its European customers.
The energy trader has long-term regasification capacity bookings in Germany, Croatia and Spain, and has imported into eight different countries in recent years including Greece, Spain, Britain, Germany and Finland.
It delivered more than 30 cargoes of LNG to Europe in 2023. The flexible LNG supply agreement will also allow MET to extend into new regions such as Asia, it said.
In October, MET said it had set up an office in Singapore to focus on LNG trading as well as asset investments in what will be its first office in Asia.
Last year the trader signed a 20-year preliminary agreement with Commonwealth LNG to buy supplies of the fuel from the U.S. company's facility currently under development in Cameron, Louisiana from 2027 onwards.
It has also secured long-term LNG supply capacity in Germany and secured capacity to receive spot supply in Finland.
(Reuters - Reporting by Marwa Rashad; Editing by Jan Harvey)