Swiss trader MET Group seeks US LNG to grow portfolio, Southeast Asia sales
Switzerland-based energy trader MET Group is looking to expand its liquefied natural gas (LNG) portfolio by securing more new supply from the United States that it can use as it builds its presence in Asia, its chief executive said.
"We are trying to secure additional new supply into our portfolio, and the U.S. is definitely a number one potential basin for that," Benjamin Lakatos told Reuters during an interview on the sidelines of the Gastech conference in Milan this week.
"On the other side, we are also trying to build up our legs in Asia, because to stay competitive in LNG, it's extremely important that you have legs in all the basins," he said, adding it is difficult to sustain profits by being in only one basin.
Last year, MET Group struck a 10-year deal with Shell for supplies of U.S. LNG on a free-on-board (FOB) basis.
Activities of the energy company is mostly in Europe, but it set up an office in Singapore in 2023 to focus on LNG trading as well as asset investments.
On Wednesday, it announced its first long-term contract in the Pacific, to supply 0.5 million tons per annum of LNG to Singapore.
"I would love to sign similar agreements like that in Southeast Asia," said Lakatos, adding that the region's gas demand is spurred by economic growth and energy policy shifts from coal to gas.
"I think that's one of the most exciting potential new offtake markets for global LNG business. So many of us are trying to chase those buyers," he said.
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