As a result of the latest Iranian strikes, Qatar has lost 17% of its liquefied natural gas exports, and the damage will take three to five years to repair. QatarEnergy CEO Saad al-Kaabi told Reuters.
According to him, damage was caused to 14 LNG production lines and one of the two complexes producing liquefied gas. This will result in a loss of $20 billion in net profits annually. The world economy will be short of 12.8 million tons of liquefied gas per year.
“In my worst dreams, I could not imagine that Qatar and the region as a whole would be subjected to such an attack from a brotherly Muslim country during Ramadan,” al-Kaabi said. This could force the state-owned company to declare force majeure for up to five years on gas supply contracts to Italy, Belgium, South Korea and China.