South Korea economy
QatarEnergy declares force majeure on LNG contracts after Ras Laffan attacks
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QatarEnergy has declared force majeure on long-term LNG supply contracts with customers in South Korea, China, Italy, and Belgium, following missile damage to its Ras Laffan facilities last week amid the U.S.-Israeli war against Iran. The attacks, detailed in prior reporting, impacted 17% of Qatar's LNG exports, with repairs expected to take three to five years.
Following Iran's attack on Qatar's Ras Laffan LNG facilities, QatarEnergy CEO Saad al-Kaabi warned of declaring force majeure on long-term contracts, including those with South Korea's KOGAS, as repairs to damaged production trains could take three to five years, sidelining 17% of export capacity. South Korean officials downplayed supply risks due to alternatives.