MET opens Singapore office as part of LNG expansion plans

Switzerland-based energy trader MET Group has set up an office in Singapore as it works to expand its liquefied natural gas (LNG) business beyond Europe.

The firm led by Benjamin Lakatos said that MET Asia, a unit owned 90 percent by MET and 10 percent by Keppel, will expand the company’s business reach to the region, focusing on making the group’s LNG portfolio truly global and expanding its asset base in the Asia-Pacific.

MET will develop its Asian business activities in cooperation with Singapore-based Keppel, a 10 percent owner of MET.

The two companies recently established a JV company, Keppel MET Renewables, to pursue renewable energy opportunities in Europe, and Keppel and MET will seek to broaden this cooperation in Asia as well, it said.

Earlier this year, MET has appointed Sandor Fasimon to head up the setup of its Asian operations.

MET said in the statement that it has named Fasimon as the CEO of MET Asia, based in Singapore.

“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,” Lakatos said in the statement.

MET’s LNG business

MET has imported over 30 TWh of LNG cargoes in 2022 to Croatia, Greece, Spain, Belgium, and the UK.

The company has capacity rights at the Croatian FSRU-based terminal and received the first LNG cargo via the Krk facility in the northern Adriatic Sea in April 2021.

In addition, MET booked regasification capacities at the FSRU-based LNG import terminal in Germany’s Lubmin, owned by Deutsche ReGas.

The company has recently entered into a non-binding heads of agreement with US LNG terminal developer Commonwealth LNG to buy liquefied natural gas from the latter’s proposed 9.3 mtpa plant in Cameron, Louisiana.

Under the sale and purchase deal, Commonwealth will supply 1 million tonnes per annum of LNG for 20 years to MET.

MET said the terms anticipated under the non-binding HOA would begin at the start of commercial operation of the LNG export facility in 2027.

Most Popular

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

Atlantic LNG shipping rates continue to decrease

Atlantic LNG freight shipping rates continued to decrease this week, while European prices also dropped compared to last week.

More News Like This

MET appoints new LNG head

Switzerland-based energy trader MET Group has appointed Luis Sanchez as its new head of LNG as the firm continues to expand its LNG business.

MET supplies gas to Czech Republic via German LNG terminal

MET revealed this on Thursday announcing its entry into the Czech market through its Prague-based subsidiary MET Česká Republika. As...

MET joins forces with Celsius on its first newbuild LNG carrier

MET said in a statement on Monday that it has reached a partnership agreement with Celsius to build its...

Croatian FSRU gets 100th cargo

Croatia’s Krk liquefied natural gas (LNG) terminal has received its 100th cargo since the launch of operations in January...