QatarEnergy sources claim that it has purchased 33 US LNG cargoes in order to compensate for the disruption caused by the Hormuz blockade.
QatarEnergy has purchased 33 spot LNG cargoes from the U.S. this year for delivery to South Korea. Taiwan, Bangladesh. India and Japan. Four trade and industry sources confirmed the purchase. The company was attempting to minimize disruptions to its key customers after the Iran War halted Qatari gas exports via the Strait of Hormuz.
QE declared force majeure for its LNG shipments when Iran shut down the waterway, causing a 20% shortage of oil and gas from major producers who export from terminals around the Gulf. QE purchased four cargoes of U.S. gas last year, but the purchases of U.S.-sourced LNG dwarfed those. It was trying to supply some of its clients despite the declaration of force majeure that releases it from contractual obligations. Qatar wanted to maintain its reputation as one the world's most reliable suppliers of gas, according to sources.
QE has not responded to emails asking for comments on the LNG purchases.
According to calculations, the 33 cargoes amounted to a third month's worth of exports before the conflict from QE and were valued at around $1 billion.
Sources said that QE's move to "show good faith" towards its most important customers was a result of the fact that 80% of Qatar LNG is exported to Asia.
Another said that QE wanted to show its customers how much it valued them by keeping them supplied.
QE purchased the cargoes from Venture Global LNG, a U.S. Sources said that QE also picked up cargoes directly from Venture Global LNG's customers.
Venture Global has declined to comment.
Kpler, a data analytics company, reports that 28 of the 33 cargoes have been delivered, and the other?five are on their way to South Korea. Taiwan, and India.
Venture Global, a producer of alternative LNG supplies that has benefited from the demand for alternative supplies both during and after Russia's invasion in Ukraine and the Iran war, is one such company.
(source: Reuters)
