MET International, the trading and wholesale arm of Swiss-based integrated energy company MET Group, and UK-headquartered energy giant Shell have struck a long-term liquefied natural gas (LNG) agreement to strengthen Europe’s energy security with LNG sourced from the United States (U.S.).
Shell will supply MET with LNG from its U.S. portfolio over a multi-year period, further strengthening the firm’s access to U.S. LNG supply under a sale and purchase agreement (SPA) that marks another milestone in the duo’s long-standing cooperation within LNG and gas trading realms, further supporting the Swiss player’s ambition to supply its European customers with U.S. LNG, strengthening security of supply and portfolio diversification.
Huibert Vigeveno, CEO of MET Group, commented: “Customers are at the center of everything we do, and reliable access to U.S. LNG strengthens our ability to provide greater flexibility and value across European energy markets.
“This customer-backed approach is what makes MET a pan-European energy champion, enabling us to deliver the best possible service across Europe as well as further contribute to supply security for the continent.”
The two companies signed a ten-year free-on-board (FOB) LNG purchase agreement in July 2024, securing long-term access to U.S. LNG and strengthening MET’s supply diversification strategy.
Earlier this year, the duo further deepened their cooperation through a memorandum of understanding (MoU) signed in Washington D.C. to explore additional LNG supply and trading opportunities aimed at enhancing Europe’s energy security, one outcome of which is the latest SPA.
Tom Summers, Executive Vice President of LNG Marketing and Trading at Shell, said: “Over the last decade, LNG has become a cornerstone of the global energy system, delivering secure energy supply for people around the world. We are pleased to extend our relationship with MET Group to help meet the needs of its customers.”
With demand for more diversified gas procurement strategies on the rise, MET Group underlines that access to U.S. LNG is becoming increasingly important for the firm and its customers.
The company highlighted: “LNG supplies linked to the U.S. market can help broaden sourcing options while reducing exposure to volatility in European gas benchmarks, including through innovative pricing solutions offered by MET, such as contracts indexed to the U.S Henry Hub benchmark.”
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