MET International completes first LNG import deal

Switzerland-based MET International, the natural gas trading arm of MET Group, said it has completed its first liquefied natural gas (LNG) import transaction.

MET International has purchased a cargo into Italy on a DES basis in mid-July to cover its downstream demand, according to the company’s statement.

The cargo has already been discharged with MET International taking the full cargo lot, the company said without providing additional information.

“This transaction is perfectly fitting into our strategy to scale up LNG as an additional means of supply into our downstream European portfolio, being also the cornerstone of our LNG strategy,” said György Domokos Vargha, head of wholesale and origination at MET International.

As reported by LNG World News in March, MET International entered the world of LNG trading with the creation of its trading desk based at the company’s headquarters in Zug, Switzerland.

Diego Galimberti, who was previously the head of long-term gas supplies and LNG at Axpo Trading, joined MET International on March 1 to lead the new trading desk and to help secure the chilled fuel for the company’s portfolio.

MET Group currently has a downstream portfolio of 4 bcm in the illiquid parts of Europe such as Mediterranean and CEE regions, which it plans to continuously increase, the statement said.