Metlen Energy Metals (LSE:MTLN) has entered a sale and purchase agreement with Petronas, through its subsidiary PETCO Trading (UK), for long-term supply of liquefied natural gas (LNG) to Greece.
Under the deal, PETCO Trading will deliver six LNG cargoes a year from Petronas' Atlantic portfolio, equivalent to roughly 0.6 billion cubic metres annually, over five years starting in 2027.
The agreement forms part of Metlen's energy sector utility strategy to diversify its LNG supply sources and strengthen procurement resilience across Greece and Southeast Europe.
For Petronas, the deal extends its LNG footprint in West of Suez markets, particularly Europe and the Mediterranean, through its trading unit PTUK.
"This agreement with PETRONAS represents an important step in strengthening METLEN's strategy to diversify its LNG sourcing," said Panayotis Kanellopoulos, Metlen's chief executive director for international energy supply and trading.
Petronas' Datuk Adif Zulkifli, executive vice president and chief executive of its gas and maritime business, said the agreement supports customers' energy security, affordability and transition needs.
Deliveries under the agreement are set to begin in 2027.
News Intelligence what this means for the company
Metlen Energy Metals has signed a five-year LNG supply agreement with Petronas' trading arm PETCO Trading (UK) to deliver six cargoes annually (0.6 bcm/year) starting in 2027, diversifying Greece's gas sourcing. The deal is consistent with Metlen's stated strategy to strengthen LNG procurement resilience across Greece and Southeast Europe, though the story provides no financial terms, volume context relative to Metlen's existing gas portfolio, or detail on how this contract affects the company's near-term earnings or cash position.
The agreement extends Metlen's footprint in energy supply and trading but does not materially alter the investment thesis without disclosure of contract value, margin profile, or scale relative to the company's existing energy operations. The 2027 start date means no revenue impact in the current financial year.
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