Petronas (PETRONAS), as a leading company in the gas and oil industry, has signed a five-year contract to supply liquefied natural gas (LNG) with Metlen (METLEN) Greece. This contract will be implemented to expand Petronas's presence in the gas markets of Europe and the Mediterranean.
Details of the LNG Supply Contract
According to this sales and purchase agreement, Petronas's subsidiary, Petco Trading (PETCO Trading (UK) Ltd), will deliver six LNG shipments annually to Greece, starting from 2027. The total volume of these shipments is equivalent to approximately 0.6 billion cubic meters of natural gas per year.
Purpose of the Contract and Its Implications
This contract will help Metlen diversify its LNG resources and also strengthen the availability of natural gas in Greece and Southeast European markets. Panayotis Kanellopoulos, the executive director of Metlen, stated: "This contract with Petronas is an important step in strengthening Metlen's strategy for diversifying LNG sources."
For Petronas, this agreement will assist the company's efforts to expand its LNG business in the markets west of the Suez Canal, particularly in Europe and the Mediterranean. Datuk Adif Zulqifli, Executive Vice President and CEO of Petronas's Gas and Maritime Trading Division, said: "While markets are facing challenges of energy security, costs, and transition priorities, Petronas remains focused on creating value through its global LNG portfolio, commercial capabilities, and reputable partnerships."
The companies also noted that this agreement could lay the foundation for further collaborations as Metlen expands its role in the regional natural gas market.
