Swiss-based energy trader, MET Group via its trading affiliate MET International, has signed a heads of agreement (HOA) with Keppel’s Infrastructure Division, together with a Singapore licensed LNG importer, for long-term LNG deliveries of 0.5 mill tonnes per annum.
This deepens the partnership between MET and Keppel, who has 10% shareholding in the energy commodity trader, the company said.
To be supplied from MET's European LNG import portfolio that is increasingly pivoting to Asia, this partnership will enhance the security of supply and source diversification in Singapore.
MET has been active in spot and mid-term deliveries in the Pacific basin This HOA is 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 aligning with MET Group’s strategy of expanding its global LNG footprint.
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.
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. In addition, MET ordered its first LNGC, for delivery in 2027, after reaching a partnership agreement with Danish shipowner, Celsius Group.
This latest supply deal is conditional upon the signing of an LNG sales & purchase agreement (SPA) and fulfilment of conditions precedent, including regulatory approval.
