No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Metlen Energy & Metals said on Wednesday that it has signed a memorandum of understanding to cooperate in the supply and trading of liquefied natural gas, in a move aimed at strengthening regional energy security and expanding access to European markets.
Under the agreement, signed on 24 February in Washington, DC, the companies intended to supply and trade between 0.5 billion and one billion cubic metres of LNG per year over the five-year period from 2027 to 2031.
Deliveries were planned to Greece's LNG regasification facilities at Revithoussa and Alexandroupolis.
The FTSE 100 company said the MoU also envisaged the use of the Vertical Gas Corridor, providing access to additional European markets beyond southeast Europe.
Shell would support the arrangement through its global portfolio and shipping capabilities.
Metlen said the cooperation would strengthen its position as a key natural gas player in southeast Europe, enhance market liquidity and contribute to regional energy security, while reinforcing Greece's role as a strategic energy hub.
"This MoU with Shell marks an important step in strengthening Metlen's role in the European natural gas markets," said Evangelos Mytilineos, executive chairman of Metlen.
"Our cooperation confirms our shared commitment to enhancing Europe's energy resilience, while supporting Greece's evolution into a key energy hub in the region."
The firm said the agreement reflected the intention of both parties to pursue joint development across a number of European countries in line with the Vertical Gas Corridor initiative.
At 1009 GMT, shares in Metlen Energy & Metals were up 3.58% at 36.2p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.