Shell and METLEN sign MoU for LNG supply cooperation

Group 1 - Shell and METLEN have formalized a memorandum of understanding (MoU) to cooperate on the supply and trading of liquefied natural gas (LNG), covering an annual supply of between 500 million and one billion cubic meters (bcm) from 2027 to 2031 [1] - The MoU aims to enhance Europe's energy resilience and support Greece's development as a key energy hub in the region, as stated by METLEN's executive chairman [3] - The signing of the MoU was attended by high-profile officials, including Greece's Minister of Environment and Energy and the US Secretary of Energy, indicating the significance of this collaboration [4] Group 2 - Deliveries from the MoU will be directed to Greece's LNG regasification facilities at Revithoussa and Alexandroupolis, with plans to utilize the Vertical Gas Corridor to access broader European markets [2] - The Alexandroupolis floating storage and regasification unit (FSRU) has a regasification capacity of up to 5.5 bcm per year, contributing to the region's gas supply [3] - The Vertical Gas Corridor initiative aims to enhance connectivity between Greece and several Eastern European countries, providing an alternative gas supply route into Europe [5] Group 3 - Shell remains a major purchaser of US LNG, with significant shipping capacity and a large market portfolio, indicating its strong position in the LNG market [6] - According to Shell's LNG outlook, global demand for LNG could increase by approximately 60% by 2040, driven by economic growth in Asia and emissions reduction efforts [6]