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What will be the impact on EU energy prices by June 30, 2025 if Qatar halts exports?
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European energy market reports and price indices
Story
Qatar's Energy Minister Warns EU Gas Exports Will Stop if QatarEnergy Is Fined Under Due Diligence Law
Dec 22, 2024, 11:04 AM
Qatar has threatened to halt gas shipments to the European Union if EU member states strictly enforce new legislation imposing penalties on companies that fail to meet criteria on carbon emissions, human rights, and labor rights. Saad al-Kaabi, Qatar's Energy Minister, told the Financial Times that Qatar is 'not bluffing' and would stop EU gas sales if fines under the corporate sustainability directive are imposed. The directive includes penalties of up to 5% of a company's global revenue for violations. The minister specifically mentioned that QatarEnergy could be affected by the due diligence law targeting forced labor and environmental damage. This development raises concerns over Europe's energy security, especially as the EU seeks to secure long-term liquefied natural gas (LNG) contracts with Qatar to compensate for reduced Russian gas supplies.
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