TotalEnergies honours all LNG contracts in Qatar despite outages

TotalEnergies CEO Patrick Pouyanne stated?on Thursday? that the company decided not to declare force majeure for any of its customers of liquefied gas and would honor all LNG contracts in terms of volume and price.

Qatar, the largest LNG producer in the world, declared force majeure after it was attacked by Israel and the U.S. during the war against Iran.

Pouyanne stated, "We told our customers that we would not invoke force majeure or refuse to deliver gas... We wanted to provide security of supply for customers."

He added, "Yes, it's true that we will miss the energy from Qatar and Abu Dhabi. But our portfolio is big enough to redirect a part of it."

TotalEnergies is estimated to take 5.2 million metric tonnes (mtpa), from QatarEnergy's share of LNG trains.

Shell, the largest LNG trader in the world, has declared force majeure for?cargoes that it purchases from QatarEnergy, and then resells. Shell is estimated to take 6.8 million tonnes of Qatari LNG per year.

Pouyanne said that renewables are more attractive because they do not suffer from the geopolitical instabilities. (Reporting and editing by Susan Fenton; Shadia Nasralla and Forrest Crellin)

(source: Reuters)