Qatar is responsible for about 20 percent world exports of liquefied natural gas (LNG).
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Complete cessation of gas liquefaction
According to preliminary estimates, the plant will not be restarted for at least two weeks. Once the decision has been made to resume work, it will take another approximately two weeks to complete cool the gas to a temperature of approximately minus 162 degrees Celsius and restore full production capacity.
Strait of Hormuz paralyzed
All of Qatar's LNG exports pass through the Strait of Hormuz, where Shipping almost came to a standstill as a result of the war and Iranian retaliation.
Qatar supplies gas to Europe and, above all, to Asia – over 80 percent. The recipients are countries such as China, Japan, India, South Korea and Pakistan.
The force majeure clause releases the parties to contracts from liability for failure to deliver in situations beyond their control. QE has already started contacting some customers in Asia and Europe, but – according to Reuters sources – it did not provide an expected date for resuming deliveries.
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The production shutdown has intensified competition for LNG cargoes between the Atlantic and Pacific markets. As Reuters reminds, gas prices in Europe and Asia and LNG freight rates have increased to the highest levels in several years.
