Swiss-based MET Group has entered into a long-term FOB (Free-On-Board) LNG purchase agreement, by signing a 10-year agreement with Shell. MET’s primary objective is to supply its European customers with US LNG.

Through the long-term contract with Shell, MET Group is able to further diversify its LNG supply portfolio, helping to ensure security of supply for its customers across Europe, ranging from its own gas-fired power plant demand to energy-intensive industrial companies and SMEs and households.

György Vargha, CEO of MET International AG said: “The long-term FOB source fits perfectly into MET’s LNG strategy. We have a diverse European downstream position building on a regasification capacity portfolio around Europe, optimizing our downstream requirements with flexible supply sources. As a natural next step, we have entered a long-term FOB position enabling diversification to the global LNG markets.”

Tom Summers, Senior Vice President of Shell LNG Marketing and Trading, said: “LNG has a crucial role to play in delivering energy security and agreements such as this are instrumental in achieving that. We look forward to working with MET Group to fulfil their gas requirements and help to meet the needs of its diverse customer base.”