Qatar Hints at Possible Force Majeure on LNG Supplies to Korea (Update)

Possibility of Force Majeure Declaration on Supply Contracts for Several Years
17% of LNG Export Capacity Damaged by Iranian Attack

Qatar has indicated the possibility of declaring force majeure on liquefied natural gas (LNG) supplies to countries such as Korea and China.

Reuters Yonhap News

QatarEnergy, the state-owned energy company of Qatar, announced on March 19 (local time) that, due to the attack on major LNG facilities, it may declare force majeure for several years on its long-term supply contracts with countries including Korea.

Saad Al-Kaabi, CEO of QatarEnergy, said in an interview with Reuters on the same day, "We may have to declare force majeure for up to five years on our long-term LNG supply contracts with Korea, China, Italy, and Belgium."

He explained that the attack by Iran targeting energy facilities has damaged 17% of the company's LNG export capacity, and projected that it would take three to five years to restore it.

Korea is one of the largest importers of LNG from Qatar, bringing in 9 to 10 million tons of LNG annually from the country. This accounts for 25% to 30% of Korea's total LNG imports.

This content was produced with the assistance of AI translation services.