Shell to Supply Metlen With 6 LNG Cargoes a Year Under 5-Year Deal

Key Facts

Shell Global LNG Limited and Metlen have signed a binding 5-year agreement to supply liquefied natural gas, starting in 2027, according to a Metlen statement. The agreement provides for 6 cargoes a year, equivalent to about 0.6 billion cubic meters annually. These volumes establish a clear annual commitment between the parties, following an earlier memorandum of understanding that laid the groundwork for cooperation in LNG supply and trading. The cargoes will be delivered to Metlen to meet demand in Greece or other European gas markets. Panagiotis Kanellopoulos of Metlen said the agreement "strengthens our supply portfolio and gives us greater flexibility to serve Greece and other European markets."

The cargoes will come mainly from Shell’s U.S. LNG portfolio, Metlen said, establishing a key source for the contracted supplies. The company said the gas could be directed to Greece or other European markets via the Vertical Gas Corridor. The arrangement gives Metlen a route to market the volumes in more than one market, according to the company’s description of the agreement. The scope of the earlier memorandum of understanding was broader than the volumes set out in the binding contract; it covered the supply and trading of about 0.5 to 1.0 billion cubic meters a year during 2027–2031. The memorandum also covered deliveries to Greece’s Revithoussa and Alexandroupolis regasification terminals. The two parties have thus moved from a framework for cooperation to a defined annual commitment of six cargoes.

The agreement comes as Metlen has expanded its gas purchasing and sales to third parties, according to company data. Its global purchases reached 53.5 terawatt-hours in 2025, compared with 52.2 terawatt-hours in 2024. Over the same period, gas sales to third parties rose to 33.5 terawatt-hours from 32.6 terawatt-hours. In the first half of 2026, purchases totaled 31.7 terawatt-hours, versus 25.0 terawatt-hours in the first half of 2025. Sales to third parties reached 22.5 terawatt-hours in the first half of 2026, compared with 15.5 terawatt-hours a year earlier. The company said purchases increased by more than 26% year over year, while sales to third parties rose by more than 45% during the period.

For the full year, Metlen said its natural gas sales to third parties totaled about 34 terawatt-hours in 2025. Its annual report added that full-year margins ended slightly above first-half levels. These figures place the new agreement within the company’s existing gas purchasing and marketing activity, while the contract adds annual volumes agreed with Shell starting in 2027. Kanellopoulos said combining Shell’s global LNG capabilities with Metlen’s regional presence "strengthens our supply portfolio." He added that it gives the company "greater flexibility" to serve Greece and other European markets. The agreement statement did not cite an impact on revenue, prices or gas markets.

The memorandum of understanding signed by the two companies in February 2026 established a framework for cooperation in LNG supply and trading. Metlen’s executive chairman said at the time that the memorandum was a step toward strengthening the company’s role in European natural gas markets and supported Greece’s development into a regional energy hub. In the statement on the new agreement, Shell’s Tom Summers said LNG "plays a vital role in providing flexible and reliable energy to people and businesses in Greece and other European countries." The volumes specified in the contract begin in 2027, within the period covered by the earlier memorandum framework. In market trading, Shell shares closed at 108.69 on October 30, 2026, according to EL7 data.