LNG
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.
South Korean officials warned of increased LNG price volatility after Qatar reportedly declared force majeure on its long-term supply contract with the country, though supply impacts will be limited. Deputy Minister Yang Ghi-wuk said shipments from Qatar have already been excluded from this year's supply calculations, ensuring sufficiency. A Cheong Wa Dae official confirmed stable supplies from non-Middle Eastern routes.
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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.