Petronas secured 5-year LNG supply agreement to Greece

Petroliam Nasional Bhd's subsidiary, Petco Trading (UK) Ltd, has reached a five-year deal to supply liquefied natural gas (LNG) to Greece, bolstering its foothold in Europe and the broader Southeast European energy sector. The agreement, in partnership with Greece's Metlen Energy and Metals Plc, sees Petco Trading delivering six LNG shipments annually from Petronas' Atlantic portfolio, totaling around 0.6 billion cubic metres per annum (bcma), beginning in 2027.

This move underscores Petronas' strategy to broaden its LNG presence in West of Suez markets, especially Europe and the Mediterranean, while harnessing its global LNG resources and trading prowess. Petronas' gas and maritime business leader, Datuk Adif Zulkifli, emphasized the company's dedication to offering dependable and adaptable LNG solutions as markets grapple with energy security, affordability, and transition concerns.

He also highlighted the deal's alignment with Petronas' focus on delivering reliable and flexible LNG solutions, catering to evolving customer energy requirements. Additionally, the agreement aims to bolster customer relationships in key growth markets as demand for diverse and dependable LNG supplies surges. For Metlen, the pact fortifies its approach to diversifying LNG sources and enhancing procurement flexibility and resilience, thereby contributing to energy security in Greece and the wider Southeast European region.

Metlen's chief executive director of international energy supply and trading, Panayotis Kanellopoulos, noted the deal's role in bolstering Petronas' LNG sourcing and expanding international synergies, further enhancing supply reliability and supporting regional market stability, as well as Greece's status as an energy hub. The agreement also sets the stage for continued collaboration between Petronas and Metlen as both companies strive to promote LNG supply diversification and energy resilience in Greece and Southeast Europe.