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QatarEnergy declares force majeure after Iran attacks shut facility
(Sharecast News) - QatarEnergy has declared force majeure on shipments of liquefied natural gas after attacks on its facilities due to the US-Israel war on Iran. The move frees the gas giant from existing supply contracts to affected customers. State-owned QatarEnergy on Monday said it was halting production of LNG and associated products due to attacks on facilities in the Ras Laffan industrial city.
Gas prices have almost doubled since the US and Israel started their war against the Gulf country on Saturday. The Dutch TTF hub price for April was down 13.8% at €46.85 per kilowatt hour, but still well above Friday's close of €31.95.
Qatar accounts for around 20% of global LNG exports, all of which are shipped through the vital Strait of Hormuz, which is effectively shut with around 200 tankers and cargo ships waiting on both sides amid threats of attack from Iran's Revolutionary Guard.
Reporting by Frank Prenesti for Sharecast.com
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