METLEN and PETRONAS strengthen Greece’s LNG supply security

Under the Sale and Purchase Agreement (SPA), PTUK will supply METLEN with six LNG cargoes per year from PETRONAS’ Atlantic portfolio, representing a total volume of approximately 0.6 billion cubic metres per annum (bcma).

The agreement has a five-year term, with deliveries commencing in 2027. It will provide the Greek market with a stable source of LNG at a time when energy security and the diversification of natural gas imports remain critical priorities for Europe.

METLEN Strengthens Its LNG Strategy

For METLEN, the agreement forms part of the Energy Utility strategy of its Energy division to expand and diversify its LNG supply portfolio.

Securing new international sources of supply enhances the company’s flexibility and reduces its dependence on a limited number of suppliers, providing greater resilience against fluctuations in the international natural gas market.

At the same time, METLEN’s presence across different stages of the energy value chain—from natural gas procurement and trading to power generation and energy supply—strengthens its ability to leverage international LNG flows and respond to the needs of both the Greek and wider regional markets.

The agreement with PETRONAS effectively adds approximately 3 billion cubic metres of LNG over the five-year period, assuming that the annual volumes stipulated under the SPA remain unchanged.

The agreement also carries broader significance for the Greek natural gas market, as it strengthens the country’s potential to serve as a gateway for LNG supplies to Southeast Europe.

The diversification of suppliers and increased LNG import flows provide greater flexibility in meeting demand, while also enhancing Greece’s ability to channel volumes to neighbouring markets.

Against a European energy backdrop that continues to be characterised by geopolitical uncertainty and the need to diversify natural gas sources, access to LNG from multiple international portfolios represents an important component of energy security.

For Greece, the development is also directly linked to efforts to further leverage the country’s LNG infrastructure and its interconnections with energy markets across the wider region.

PETRONAS: Expanding Its Presence in Europe

For PETRONAS, the agreement with METLEN forms part of its strategy to expand its presence in LNG markets west of the Suez Canal, with a particular focus on Europe and the Mediterranean.

Through PTUK, the Malaysian energy group is leveraging its global LNG portfolio and trading capabilities, seeking to strengthen relationships with customers in markets facing growing demand for flexible and reliable natural gas supplies.

In this context, Greece represents a market of particular strategic importance, given its position at the crossroads of energy flows between the Eastern Mediterranean, the Balkans and the broader European market.

“An Important Step Towards Supply Diversification”
Panagiotis Kanellopoulos, Chief Executive Director, International Energy Supply & Trading at METLEN, described the agreement with PETRONAS as an important step in the company’s strategy to diversify its LNG supply sources.

He noted that cooperation with a leading international LNG market participant strengthens the flexibility and reliability of supply, while also supporting METLEN’s customers and the wider regional market.

For PETRONAS, Datuk Adif Zulkifli, Executive Vice President and CEO of the Gas and Maritime Business, emphasised that the agreement reflects the group’s commitment to providing reliable and flexible LNG solutions by leveraging its global portfolio and trading capabilities.

New Prospects for Cooperation

Beyond the immediate value of the LNG supply agreement, the partnership between METLEN and PETRONAS creates the potential for further cooperation and synergies across the energy sector.

The five-year term of the SPA provides a stable framework for commercial cooperation, while the relationship established between the two groups through the LNG market could serve as a platform for developing new business opportunities in European and regional energy markets.

At a time when security of supply, diversification of sources and flexibility are key pillars of European energy strategy, the agreement positions METLEN and PETRONAS within a common field offering significant potential for future growth.

For Greece, the development further strengthens the country’s positioning as an energy hub for Southeast Europe, with LNG playing a pivotal role in the region’s natural gas imports, trading and transit flows.