Swiss Energy Trader Eyes Expansion: Press

Swiss-based MET Energy is targeting at least €1bn ($1.1bn) in acquisitions over the next three years under a rapid expansion plan, its CEO Benjamin Lakatos told Reuters on December 9.

The company, which was spun off from Hungarian oil company MOL in 2007, now sells and trades gas, power and oil in 15 European countries. It aims to wrap up the sale of a 20% stake to Singapore’s Keppel next month for €53mn, placing the company’s total value at around €250mn.

MET needs to be bigger than this to compete in Europe, and funds from the Keppel deal will help finance “significant acquisitions,” Lakatos said. The CEO said he wanted to see MET enter 2-5 major deals in all segments of European electricity and gas markets, except gas exploration and transmission systems.

A key focus will be LNG deals in Western Europe, particularly Italy and Spain, he said, with the goal of covering the entire supply chain where possible.