Qatar’s Energy Minister and CEO of QatarEnergy Saad Sherida Al Kaabi speaks at a press convention in Doha on Sept. 1, 2024.
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Qatar’s power minister mentioned he is not too involved about U.S. President-elect Donald Trump’s pledge to raise the cap on liquefied pure fuel exports.
“Additional fuel goes to be required, whether or not it’s from the U.S., Qatar or different locations. So extra LNG and extra competitors is welcome,” Saad Sherida Al Kaabi, Qatar’s power minister and CEO of state fuel firm QatarEnergy, informed CNBC’s Dan Murphy on the Doha Forum on Dec. 7.
“If you open up LNG and say we’re going to export one other 300 million tons … or 500 million tons from the U.S., all these tasks are pushed by non-public enterprises that take a look at the business viability of tasks, and there may be going to be a restrict.”
“It will all rely upon provide, demand and the long-term outlook for these firms,” he added, saying “I do not fear a lot about it.”
Trump desires to “drill, child, drill” — in different phrases, enhance home oil and pure fuel manufacturing. His transition crew is putting together an power bundle to roll out inside days after he takes workplace that will approve export permits for brand new LNG tasks and improve oil drilling within the nation, Reuters reported.
“If you are taking a choice to have an LNG facility or an export facility, and resolve to do it right now, it takes six to 10 years to really have it up and operating and operational,” he mentioned, stressing that it isn’t a “swap on, swap off” transfer.
The U.S. and Qatar have held onto their place as the world’s biggest LNG suppliers, with a mixed market share of just about 50%. Competition between the 2 major exporters has intensified this yr after Europe’s determination to section out reliance on Russia’s pipeline fuel and as U.S. suppliers rapidly crammed the availability hole.
Kaabi mentioned the European Union must “totally” assessment the Corporate Sustainability Due Diligence Directive — which requires massive firms to “establish and handle” unfavorable environmental impacts, amongst others, of their operations.
The penalty can go as much as 5% of an organization’s whole generated income, Kaabi added, stressing that it could “hurt” European firms and people working within the bloc, which might be topic to take greater prices to finish the due diligence.
The CSDDD, which can take impact in 2027, is estimated to affect around 5,500 EU-based firms and at the very least 1,000 non-EU firms with important enterprise within the area, Reuters reported in July.
The Qatar Investment Authority — which manages estimated $510 billion in property, in keeping with the Global SWF — and different fund managers would think about pulling funding out of EU to keep away from penalties, he added.
“It may be very critical for them,” Kaabi mentioned, including that the European economies “aren’t doing nice, in order that they want international direct investments, they usually want assist.”
