QatarEnergy (QE) bought 33 liquefied natural gas (LNG) spot cargoes from the US this year, with deliveries planned for South Korea, Taiwan, Bangladesh, India, and Japan, Reuters has reported.
The purchases are meant to keep supplies flowing to key Asian customers after Iran’s closure of the Strait of Hormuz and retaliatory attacks on Gulf infrastructure halted Qatari gas exports.
The volume is a major jump from the four cargoes QE had bought last year. The state producer had declared force majeure back in March, freeing it from contractual obligations, but continues sourcing gas elsewhere to protect its decades-long reputation as one of the world’s most reliable suppliers, the sources said, with one describing the purchases as a gesture of good faith toward key customers.
Worth roughly US$1 billion (QR3.64 billion), the 33 cargoes equal about a third of QE’s monthly exports before the conflict, according to Reuters’ calculations.
Asia normally takes around 80 percent of Qatari LNG. Kpler data shows 28 cargoes have been delivered, with five more en route to South Korea, Taiwan and India. QE bought the shipments directly from US producer Venture Global LNG and from several of its customers.
The US now holds the title of the world’s largest LNG exporter, and producers have profited from the hunt for alternative supplies since Russia’s invasion of Ukraine and now the war on Iran.
