SINGAPORE (Reuters) - Switzerland-based energy trader MET Group said on Wednesday it has set up an office in Singapore to focus on liquefied natural gas (LNG) trading as well as asset investments in what will be its first office in Asia.
MET's Singapore subsidiary will be 10% owned by Singapore-based Keppel. The two companies also have a joint venture entity to explore renewable energy opportunities in Europe.
"Keppel and MET will seek to broaden this cooperation in Asia as well," MET said in a statement.
MET's activities include wholesale and retail distribution of gas and power generation in France, Germany, Italy, Spain, Hungary, Switzerland, Croatia, Romania, Slovakia, Bulgaria, Serbia and Turkey.
It imported more than 30 terawatt-hours (TWh) - or around 2.3 million tons - of LNG in 2022. Its total traded volume of natural gas amounted to 109 billion cubic metres (bcm) last year, while total traded electricity was 67 TWh.
Last month, MET signed a 20-year preliminary agreement with Commonwealth LNG to buy supplies of the fuel from the U.S. company's facility currently under development in Cameron, Louisiana from 2027 onwards.
It has also this year secured long-term LNG supply capacity in Germany and expanded its spot supply capacity reach to Finland.