Switzerland-based trading house MET Group is to expand its business into the Asia-Pacific region with the opening of a new office in Singapore, it said Oct. 4.
Source: Platts LNG Daily
In a statement, the group said MET Asia Pte. Ltd., a subsidiary owned 90% by MET Group and 10% by Singapore-based Keppel, would expand MET’s business reach to the region.
It will focus on making MET’s LNG portfolio “truly global” and expanding its asset base in the Asia-Pacific region, it said. Sandor Fasimon has been appointed as MET Asia CEO.
“MET’s new subsidiary will accelerate the growth of the company’s expanding LNG portfolio beyond Europe and asset investments in the region,” MET said.
It said MET would develop its Asian business activities in cooperation with Keppel, itself already a 10% owner of MET Group.
The two companies recently established a joint venture company, Keppel MET Renewables, to pursue renewable energy opportunities in Europe, and Keppel and MET will also seek to broaden this cooperation in Asia.
“We expect MET Asia to be a future fuel to our growth story as well as a gateway to participate in the global commodity markets,” MET Group CEO Benjamin Lakatos said.
LNG capacity
Lakatos sees LNG as an increasingly important part of the group’s strategy going forward.
In 2022, MET imported more than 30 TWh of LNG into countries including Croatia, Greece, Spain, Belgium and the UK.
This year the company has also secured long-term LNG capacity in Germany and expanded its spot capacity reach to Finland as it continues to increase its participation in the LNG market.
MET is one of two foundation capacity holders, alongside French major TotalEnergies, at the 5.2 Bcm/year floating LNG import terminal at Lubmin in northeastern Germany, having booked 1 Bcm/year of long-term capacity.
In an interview with S&P Global Commodity Insights in May, Lakatos said MET held a number of capacity positions for LNG regasification in Europe. “And we might still look for additional ones,” he said.
“We are trying to put together the entire value chain around the LNG positions.”
Spot LNG prices in Europe and Asia remain relatively high, albeit down from their record highs last year.