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[BUSINESS] · Greece · 24 sources

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METLEN and PETRONAS sign long-term LNG supply deal for Greece

METLEN and PETRONAS have signed a long-term Sale and Purchase Agreement (SPA) to supply Liquefied Natural Gas (LNG) to Greece. Through PETRONAS subsidiary PETCO Trading (UK) Limited (PTUK), the deal will deliver six LNG cargoes annually from the PETRONAS Atlantic portfolio, totaling approximately 0.6 billion cubic meters per annum (bcma). The agreement is set to commence in 2027 and will span a five-year period, aiming to enhance energy security and supply resilience in Greece and Southeast Europe while reinforcing Greece's role as a regional energy hub.

Separately, Greek households face rising energy costs due to geopolitical tensions in the Middle East and the Strait of Hormuz. Heating oil prices are estimated to start at 1.90 euros per liter, a significant increase compared to previous periods. In response, the Greek economic team is considering a heating allowance increase of up to 50% to support low and middle-income households. Additionally, the government has outlined a plan to reduce retail electricity prices by 30% between 2027 and 2029 through investments in renewable energy, storage, and grid infrastructure.

Entities

Association of Fuel Traders of Attica · Greece · Metlen · Nikos Papageorgiou · PETCO Trading (UK) Limited · Panagiotis Kanellopoulos · Petronas · Stavros Papastavrou

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