https://sputnikglobe.com/20241222/qatar-warns-eu-that-tough-new-regulations-put-gas-supplies-at-risk--1121238322.html
Qatar Warns EU That Tough New Regulations Put Gas Supplies at Risk
Qatar Warns EU That Tough New Regulations Put Gas Supplies at Risk
Sputnik International
One of the world’s largest suppliers of liquefied natural gas (LNG), Qatar, has warned the European Union that it may halt vital gas exports if the bloc enforces its new corporate due diligence directive.
2024-12-22T14:53+0000
2024-12-22T14:53+0000
2024-12-22T16:54+0000
economy
saad kaabi
europe
russia
qatar
european union (eu)
liquefied natural gas (lng)
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The legislation, which seeks to align companies with the EU’s net-zero goals, includes penalties of at least 5 percent of a company’s global annual revenue for non-compliance.Qatari Energy Minister Saad al-Kaabi told the Financial Times that such penalties would be unacceptable for QatarEnergy, a state-owned company with extensive global operations. READ MORE: Qatar Doubles Down on LNG Production After Sanctions Slam EuropeEurope’s reliance on Qatari gas has grown significantly since the bloc decided to phase out Russian gas supplies. Countries like Germany, France, and Italy have signed long-term LNG contracts with QatarEnergy to secure energy supplies. Europe’s decision to cut ties with Russian gas has exacerbated its energy crisis, making alternative sources like Qatari LNG increasingly critical.Kaabi emphasized that QatarEnergy would not breach existing contracts but could explore legal challenges or halt new shipments if penalties are enforced. While hinting at possible compromises, he warned that Europe’s stringent regulations risk disrupting an already fragile energy supply chain.
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qatar, qatari lng, liquefied natural gas (lng), russian gas, europe, european union
Qatar Warns EU That Tough New Regulations Put Gas Supplies at Risk
14:53 GMT 22.12.2024 (Updated: 16:54 GMT 22.12.2024) One of the world’s largest suppliers of liquefied natural gas (LNG), Qatar, has warned the European Union that it may halt vital gas exports if the bloc enforces its new corporate due diligence directive.
The legislation, which seeks to align companies with the EU’s net-zero goals, includes penalties of at least 5 percent of a company’s global annual revenue for non-compliance.
Qatari Energy Minister Saad al-Kaabi told the Financial Times that such penalties would be unacceptable for
QatarEnergy, a state-owned company with extensive global operations.
“If I lose 5 percent of my generated revenue by going to Europe, I will not go to Europe… I’m not bluffing,” Kaabi stated, adding that the legislation imposes impractical requirements on energy producers.
Europe’s reliance on Qatari gas has grown significantly since the bloc
decided to phase out Russian gas supplies. Countries like Germany, France, and Italy have signed long-term LNG contracts with QatarEnergy to secure energy supplies. Europe’s decision to cut ties with Russian gas has exacerbated its energy crisis, making alternative sources like Qatari LNG increasingly critical.
Kaabi emphasized that QatarEnergy would not breach existing contracts but could explore legal challenges or halt new shipments if penalties are enforced. While hinting at possible compromises, he warned that Europe’s stringent regulations risk disrupting an already fragile energy supply chain.
