September 29, 2023

MET relies on a liquefied natural gas project in the Gulf of Mexico

BARR/ HOUSTON (ENERGET) – MET Group has entered into an initial agreement with US company Commonwealth LNG to purchase 1 million tons of liquefied natural gas per year. Corresponding deliveries could begin from 2027, according to a statement from the Baar-based energy trader. Accordingly, the 20-year agreement is for a planned Commonwealth LNG export terminal with a planned production capacity of 9.3 million LNG. The plant is currently being built on the Calcasieu River on the Gulf of Mexico near Cameron in the US state of Louisiana. The first LNG cargoes are expected to be delivered in 2027. The statement added that the final contractual terms between MET and Commonwealth LNG depend on the negotiation of a final purchase agreement between the two parties.

MET has been expanding its international LNG trading activities for some time. In 2022 alone, the company said it imported more than 30 terawatt-hours to countries such as Croatia, Greece, Spain, Belgium and Great Britain. So far in 2023, MET has also secured long-term LNG capabilities in Germany and expanded spot capabilities into Finland. Benjamin Lakatos, CEO of MET, wrote: “LNG shipments to Europe make a significant contribution to the diversification of natural gas supply and security of supply. The LNG business will be an important part of the MET Group’s strategy in the future.” /MG

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