Metlen Energy & Metals and Shell sign long-term LNG supply agreement

Metlen Energy & Metals PLC and Shell PLC on Monday said they have signed a binding long-term liquefied natural gas supply agreement, building on the memorandum of understanding signed in February.

Shell is a London-based oil and gas producer, and Metlen is an Athens-based aluminium producer and electricity generator that also invests in network infrastructure, battery storage, and other green technologies.

Under the agreement, Shell Global LNG will supply Metlen with six LNG cargoes per year starting in 2027, amounting to around 600 million cubic meters per year over five years. The pair didn't disclose any financial terms of the agreement.

The cargoes will be delivered to Metlen, primarily sourced from Shell's US LNG portfolio, for supply to Greece or other European gas markets.

"The agreement marks a further step in the development of the cooperation between the two companies, combining Shell's global LNG portfolio, shipping capabilities and trading expertise, with Metlen's established presence in Southeast Europe and its growing role in European energy markets," Metlen said.

"It also reinforces Metlen's strategy to strengthen its position through long-term supply arrangements, portfolio diversification and enhanced commercial flexibility."

Shell said it looks forward to "exploring opportunities to further our collaboration in the future".

In February, the two companies announced a memorandum of understanding for a framework for cooperation in the supply and trading of LNG. At the time, Metlen said it and Shell would supply and trade 500 million to 1 billion cubic metres of LNG per year from 2027 to 2031, with deliveries to the Greek LNG regasification facilities in Revithoussa and Alexandroupolis.

Shares in Metlen were up 0.5% at EUR48.16 each in London on Monday morning. Shell was down 0.7% at 4,007.50p.

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