US EditionQatar May Declare Force Majeure on Long-Term LNG Contract with S. Korea, Others: Report
QatarEnergy may invoke force majeure on LNG contracts after Iranian attacks reduced export capacity by 17%, affecting supplies to Italy, Belgium, South Korea, and China.
- State-Owned QatarEnergy declared force majeure on long-term contracts for up to five years following Iranian attacks that knocked out 17% of LNG export capacity, affecting supplies to South Korea, Italy, Belgium, and China.
- Qatar ranks as South Korea's third-largest LNG supplier, providing 7.16 million metric tons last year as the nation sources fuel for power generation, manufacturing, and heating needs.
- South Korea's Industry Ministry downplayed disruption risks, stating the "share of imports from Qatar is relatively low" at around 14% in 2026, citing alternative supply sources as available.
- State-Run Korea Gas Corp reported inventory levels exceeding mandatory reserves, while Democratic Party lawmaker Ahn Do-geol said the government will prioritize coal and nuclear power to reduce gas reliance.
- Asian LNG buyers are seeking replacement supplies as the Strait of Hormuz remains disrupted, though analyst Alex Siow noted KOGAS is well-positioned to secure volumes given its lower price sensitivity compared to competitors.
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Al-Monitor
The Straits TimesSouth Korea flags uncertainty from Qatar LNG plant damage, but downplays supply concerns
By Hyunjoo JinSEOUL, March 20 (Reuters) - South Korean authorities said on Friday that Iranian attacks on Qatar's energy facilities raise uncertainty, but downplayedconcerns about disruption to its liquefied natural gas (LNG) supply, citing the availability of alternative sources.State-owned QatarEnergy said it will have to declare force majeure on long-term contracts for up to five years for LNG supplies bound for Italy, Belgium, South Korea, a…
According to QatarEnergy CEO Saad al-Kaabi, the supply of liquefied gas (LNG) to Europe and Asia is under threat in the long term. Repair of the plants will take three to five years. According to the manager, the failure will result in an estimated annual loss of revenue of 20 billion US dollars (around 17.4 billion euros). Deliveries to customers in Italy, Belgium, South Korea and China are affected. QatarEnergy will probably have to declare fo…
QatarEnergy May Not Guarantee LNG Contracts for Up to 5 Years After Iran Attacks
State-owned QatarEnergy may not be able to guarantee some deliveries of liquefied natural gas (LNG) under long-term contracts for up to five years, its CEO said. QatarEnergy’s CEO, Saad al-Kaabi, said on March 19 that Iranian attacks have knocked out 17 percent of Qatar’s LNG export capacity, causing an estimated $20 billion in annual revenue losses and threatening supplies to Europe and Asia. QatarEnergy will have to declare force majeure on l…
Qatar Energy (QE), the state-owned energy company of Qatar, has hinted at the possibility of declaring "force majeure" on long-term supply contracts, including those with South Korea, in the aftermath of attacks on major liquefied natural gas (LNG) facilities. In an interview with Reuters on the 19th (local time), Qatar Energy CEO Saad Al-Kaabi stated, "We may have to declare force majeure for up to five years regarding long-term LNG contracts s…
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