MET Group has finalised the Heads of Agreement with Keppel Ltd.’s Infrastructure Division, together with a licensed LNG importer, for the long-term LNG cargo deliveries of 0.5mtpa. This deepens the partnership between MET and Keppel, who has 10% shareholding in MET. To be supplied from MET's solid European import portfolio of LNG, this partnership will enhance the security of supply in Singapore.
MET has been active in spot and mid-term deliveries in the Pacific basin, with this HOA being the first long-term contract for MET in the Pacific. The deal secures the coverage of the expected increase in Keppel’s gas demand over the next years, whilst fitting with MET Group’s strategy of expanding its global LNG footprint.
The agreement further strengthens the partnership and synergies between Keppel and MET, aiming to expand and capture gas value chain opportunities in Singapore – and exploring opportunities beyond Singapore, benefiting from the rise of energy and power demand in Asia. LNG is a key element in ensuring supply security of energy markets, and MET Group is committed to growing LNG deliveries. In recent years, MET has built one of the most geographically diverse LNG import structures in Europe, with long-term regasification capacity bookings in Germany, Croatia and Spain. The company has imported LNG cargoes to several countries across the Mediterranean (Greece, Italy, Croatia, Spain), Northwest Europe (UK, Belgium, the Netherlands, Germany) and the Nordic region (Finland).
In 2024, MET entered into a 10-year LNG agreement with Shell to purchase US LNG with the intent to continue growing its long-term LNG portfolio. Also, MET ordered its first LNG carrier, for delivery in 2027, after reaching a partnership agreement with Danish shipowner Celsius Group.
The LNG supply is conditional upon the signing of LNG Sales & Purchase Agreement and fulfilment of conditions precedent including regulatory approval.
MET Group
MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas and power markets. MET is present in 20 countries through subsidiaries, 32 national gas markets, and 44 international trading hubs. The company's 1,350 employees represent close to 60 nationalities. MET has extensive experience operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2024, MET Group’s consolidated sales revenue amounted to EUR 17.9 billion, with a total traded volume of natural gas amounting to 140 BCM and total traded electricity of 76 TWh.
Keppel
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.