QatarEnergy has declared force majeure on several long term liquefied natural gas (LNG) supply contracts after Iranian attacks severely damaged its key facilities. The disruption has affected major customers in Italy Belgium South Korea and China, raising concerns over global energy supplies.
According to CEO Saad Sherida Al Kaabi the strikes knocked out nearly 17% of Qatar’s LNG export capacity, resulting in an estimated $20 billion in annual revenue losses. Two of the country’s 14 LNG production trains and one gas to liquids facility were damaged with repairs expected to take between three to five years.
The affected facilities are located in Ras Laffan Industrial City, a critical hub for global gas exports. Al-Kaabi described the attacks as unprecedented, particularly during the holy month of Ramadan.
Major energy firms including ExxonMobil and Shell are partners in the damaged facilities. The disruption is expected to impact global LNG markets for years with experts warning of supply shortages in Europe and Asia.
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