Hungarian-Founded Energy Giant Expands in Asia

Hungary Today 2023.10.05.

As part of its growth strategy, MET Group is opening an office in Singapore. MET Asia, established for this purpose, will be set up as a subsidiary owned 90 percent by MET Group and 10 percent by Keppel of Singapore. This will strengthen the group’s LNG portfolio in global markets and expand its energy infrastructure investments in the Asia-Pacific region, reportsVilággazdaság.

According to the company’s press release, while MET Group will continue to focus primarily on the European market, the move will also mark the start of its expansion into the Asian energy market.

MET Asia will be based in Singapore.

The new subsidiary will target the growth of the group’s LNG portfolio outside Europe and will develop its Asian operations in partnership with Keppel, the group’s 10 percent owner based in Singapore.

Fact

MET Group is a Swiss-based energy company, focusing on multi-commodity wholesale, trading and sales, renewable energy, and industrial assets. MET was founded in 2007, starting as a MOL Group (Hungarian multinational oil and gas company) subsidiary by Benjámin Lakatos. The company’s main business activity is the trade and wholesale of natural gas. However, since 2014, MET has been operating the biggest natural gas power plant in Hungary, the Dunamenti Power Plant in Százhalombatta, near Budapest. In 2018, MET Group completed the construction of a solar power plant next to the gas-fired plant. By May 2022, MET Group had two operating solar power plants in the country. Furthermore, on March 1, 2016, MET Group also began trading liquefied natural gas (LNG).

The Dunamenti Power Plant. Photo via Facebook/Dunamenti Erőmű

This is not the first joint subsidiary between the two companies, which recently set up Keppel MET Renewables, planning to invest in renewable energy in Europe. MET and Keppel are now looking to extend this cooperation to Asia.

Sándor Fasimon, former MOL executive, will be the CEO of MET Asia. MET Group CEO Benjámin Lakatos emphasized in connection with the expansion that

they expect MET Asia to be one of the engines of the group’s growth, that will also open the door to global commodity markets.

Although Hungary remains one of the group’s key markets, they have grown very rapidly into a European player and have established subsidiaries in several countries across the continent. For instance, in August, the Group announced its entry into the French market through its Lyon-based subsidiary, MET France.

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Via Világgazdaság, Featured image via Wikipedia