Shell plc and Greece’s METLEN Energy & Metals have signed a memorandum of understanding (MoU) to cooperate on supplying and trading liquefied natural gas (LNG) across Southeast Europe. The agreement, announced in Washington, D.C., during the Transatlantic Gas Security Summit, aims to strengthen the region’s energy independence as Europe moves to phase out Russian gas.
Under the five-year agreement, Shell and METLEN are expected to supply and trade between 0.5 and 1.0 billion cubic meters of LNG annually from 2027 to 2031. Deliveries will be routed through Greece’s Revithoussa and Alexandroupolis regasification terminals, with additional volumes distributed across the broader European market via the Vertical Gas Corridor pipeline network.
A Strategic Pivot from Russian Gas
The deal marks a significant shift for METLEN, which has historically been among the primary importers of Russian natural gas through Gazprom. With the European Union’s formal ban on Russian LNG imports set to take effect in 2027, the MoU underscores METLEN’s accelerated effort to diversify energy sources and align with Europe’s long-term energy transition goals.
“This MoU with Shell marks an important step in strengthening METLEN’s role in the European natural gas markets,” said Evangelos Mytilineos, executive chairman of METLEN. “Our cooperation confirms our shared commitment to enhancing Europe’s energy resilience while supporting Greece’s evolution into a key energy hub for the region.”
Shell, identified as the largest purchaser of U.S. LNG, contributes to the partnership with its global portfolio, trading expertise, and advanced shipping capabilities. Both METLEN and Shell are listed on the London Stock Exchange and form part of the FTSE 100 index.
Summit Draws High-Level Attendance
The MoU was signed by Panagiotis Kanellopoulos, METLEN’s chief executive director for international energy supply and trading, and Tom Summers, Shell’s executive vice president for LNG. The signing ceremony was attended by high-ranking officials, including Greece’s Minister of Environment and Energy Stavros N. Papastavrou, U.S. Energy Secretary Chris Wright, Interior Secretary and NEDC Chairman Doug Burgum, U.S. Ambassador to Greece Kimberly Guilfoyle, and Shell USA President Colette Hirstius.
The event coincided with the Transatlantic Gas Security Summit, which produced a joint declaration from 13 countries pledging to improve energy supply security across Central and Eastern Europe. Signatories—including Greece, Bulgaria, Hungary, Romania, and Ukraine—committed to removing regulatory barriers, expanding gas infrastructure access, and mobilizing investment to reinforce regional energy cooperation.
Greece as an Emerging Energy Gateway
The agreement reinforces Greece’s position as a strategic gateway for non-Russian gas supplies into Europe. The country currently operates two LNG reception facilities: the Revithoussa terminal near Athens and the Alexandroupolis Floating Storage and Regasification Unit (FSRU), which began commercial operations in October 2024 with a capacity of 5.5 billion cubic meters per year.
Gas from these terminals flows northwards via the Vertical Gas Corridor to Bulgaria, Romania, Moldova, and Ukraine, solidifying Southeast Europe’s diversification away from Russian energy dependence.
More than 50 international energy and investment companies from 13 countries participated in the summit, including Berkshire Hathaway, Cheniere Energy, Chevron, ConocoPhillips, ExxonMobil, Glencore, S&P Global, and Siemens Energy, according to Greek media reports.
