Iranian strikes on Qatar have damaged infrastructure accounting for nearly 17% of the country's liquefied natural gas (LNG) export capacity, in a major escalation of the Middle East conflict, Reuters reported citing QatarEnergy CEO Saad al-Kaabi.
The unprecedented attack struck two of Qatar's 14 LNG trains and one of its two gas-to-liquids (GTL) facilities, taking offline an estimated 12.8 million tonnes per year of LNG output. Repairs could take between three and five years, al-Kaabi said.
The disruption is expected to cost Qatar roughly $20 billion in lost annual revenue and has heightened concerns over global energy security, particularly for key importers across Europe and Asia.
“I never in my wildest dreams would have thought that Qatar would be — Qatar and the region — in such an attack, especially from a brotherly Muslim country in the month of Ramadan, attacking us in this way,” al-Kaabi told Reuters in an interview.
Also Read: Middle East Conflict: Scott Bessent Says US Aiming To Unsanction Iran Oil 'On The Water'
The strikes came hours after Iran launched attacks on Gulf oil and gas facilities, following Israeli strikes on its own energy infrastructure, according to media reports.
Reuters reported that state-owned QatarEnergy may be forced to declare force majeure on long-term LNG supply contracts for up to five years, impacting shipments to countries including Italy, Belgium, South Korea and China.
“These are long-term contracts that we have to declare force majeure. We already declared, but that was a shorter term. Now it's whatever the period is,” al-Kaabi said.
The fallout has already been felt in global markets, with European natural gas futures surging as much as 35% earlier on Thursday, reflecting fears of prolonged supply disruptions and potential inflationary pressures stemming from the ongoing conflict.
Analysts warn that sustained outages in Qatar — one of the world's largest LNG exporters — could reshape global gas markets for years to come.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
