METLEN and PETRONAS have entered into a long-term liquefied natural gas supply agreement designed to diversify energy supplies for Greece and strengthen energy security across Southeast Europe.
The agreement was signed through PETRONAS subsidiary PETCO Trading (UK) Limited, or PTUK.
Under the sale and purchase agreement, PTUK will deliver six LNG cargoes per year from PETRONAS’ Atlantic portfolio beginning in 2027.
The deliveries will amount to approximately 0.6 billion cubic meters of natural gas annually and continue for five years.
The agreement supports METLEN’s strategy of diversifying the LNG supply sources supporting its Energy Sector Utility business.
METLEN expects the additional source of LNG to improve procurement flexibility and resilience while supporting customers in Greece and the broader Southeast European market.
The companies also see the agreement as supporting Greece’s role as an increasingly important regional energy hub.
METLEN operates across the gas value chain and combines energy trading with thermal and renewable power generation, electricity distribution, network infrastructure, energy storage and other energy activities.
For PETRONAS, the agreement expands its LNG presence in markets west of the Suez Canal, particularly Europe and the Mediterranean.
PETRONAS plans to use its global LNG portfolio and trading operations to support METLEN’s diversification strategy while expanding relationships in growing European energy markets.
The partnership could also provide a foundation for additional collaboration between METLEN and PETRONAS.
METLEN operates across five continents and more than 40 countries and employs more than 8,500 people.
The company reported 2025 consolidated revenue of €7.11 billion, EBITDA of €753 million and net profit of €314 million.
METLEN’s adjusted net debt stood at €2.10 billion at the end of the period, representing a net debt-to-EBITDA ratio of 3.1x.
PETRONAS operates in more than 100 countries across conventional energy, cleaner energy, fuels, lubricants and petrochemicals.
KEY QUOTES:
“This agreement with PETRONAS represents an important step in strengthening METLEN’s strategy to diversify its LNG sourcing. By expanding our international synergies, as with this leading global LNG player, we further enhance flexibility and reliability of supply, supporting both our customers and the broader regional market, as well as Greece’s energy hub credentials.”
Panayotis Kanellopoulos, Chief Executive Director International Energy Supply & Trading at METLEN
“This agreement with METLEN underscores PETRONAS’ commitment to delivering reliable and flexible LNG solutions that support our customers’ evolving energy needs. As markets continue to navigate energy security, affordability and transition priorities, PETRONAS remains focused on creating value through our global LNG portfolio, trading capabilities and trusted partnerships.”
Datuk Adif Zulkifli, Executive Vice President and CEO of Gas & Maritime Business at PETRONAS
