Qatar vitality minister on Trump’s bid to carry LNG exports cap


Qatar’s Vitality Minister and CEO of QatarEnergy Saad Sherida Al Kaabi speaks at a press convention in Doha on Sept. 1, 2024.

Karim Jaafar | Afp | Getty Photographs

Qatar’s vitality minister stated he is not too involved about U.S. President-elect Donald Trump’s pledge to carry the cap on liquefied pure fuel exports.

“Further fuel goes to be required, whether or not it’s from the U.S., Qatar or different locations. So further LNG and extra competitors is welcome,” Saad Sherida Al Kaabi, Qatar’s vitality minister and CEO of state fuel firm QatarEnergy, informed CNBC’s Dan Murphy on the Doha Discussion board on Dec. 7.

“For those who 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 initiatives are pushed by personal enterprises that take a look at the industrial viability of initiatives, and there may be going to be a restrict.”

“It can all depend 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, increase home oil and pure fuel manufacturing. His transition crew is placing collectively an vitality package deal to roll out inside days after he takes workplace that will approve export permits for brand spanking new LNG initiatives and improve oil drilling within the nation, Reuters reported.

“For those who take a call to have an LNG facility or an export facility, and determine to do it at present, it takes six to 10 years to really have it up and working and operational,” he stated, stressing that it’s not a “swap on, swap off” transfer.

The U.S. and Qatar have held onto their place as the world’s largest LNG suppliers, with a mixed market share of virtually 50%. Competitors between the 2 main exporters has intensified this yr after Europe’s determination to part out reliance on Russia’s pipeline fuel and as U.S. suppliers rapidly stuffed the provision hole.

Qatar energy minister: EU legislation is 'ridiculous' and needs reviewing

Kaabi stated the European Union must “completely” overview the Company Sustainability Due Diligence Directive — which requires massive firms to “determine and tackle” detrimental 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 might “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 is able to take impact in 2027, is estimated to have an effect on round 5,500 EU-based firms and no less than 1,000 non-EU firms with important enterprise within the area, Reuters reported in July.

The Qatar Funding Authority — which manages estimated $510 billion in property, in accordance with the World SWF — and different fund managers would take into account pulling funding out of EU to keep away from penalties, he added.

“It is extremely severe for them,” Kaabi stated, including that the European economies “usually are not doing nice, so that they want overseas direct investments, they usually want assist.”

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