MET Group secures €1.1bn facility for LNG imports, gas storage

Swiss-based MET Group has signed a €1.1bn ($1.2bn) borrowing facility for its sales and trading segment, which will focus on the import of LNG, and the storage and sale of natural gas, the company announced on July 29.

“The experience in recent years clearly demonstrated the importance of adequate, scalable, and efficient funding solutions in gas, LNG, and power trading,” the company stated. “This facility, as the main financing vehicle of MET’s sales and trading segment, continues to be a key pillar in MET’s funding framework, particularly supporting the import of LNG, and the storage and sale of natural gas in Europe and beyond.”

The facility includes an option to increase it up to a maximum of €1.7bn, allowing MET to accommodate further volume growth or changes in market structure and environment.

Earlier this month, MET signed a 10-year free-on-board agreement with Shell to purchase US LNG for supply to Europe. 

MET has long-term regasification capacity bookings in Germany, Croatia, and Spain, and has imported LNG into eight different countries in recent years, including Greece, Italy, Croatia, Spain, the UK, Belgium, Germany, and Finland. In 2023, MET delivered more than 30 cargoes of LNG to Europe.

Last year, the company set up an office in Singapore to focus on LNG trading and asset investments in Asia. MET Asia, a subsidiary owned 90% by MET Group and 10% by Singapore's Keppel, aims to expand MET's business reach to the region and accelerate the growth of the company's expanding LNG portfolio beyond Europe.

MET also signed an LNG deal with US developer Commonwealth LNG last year.