Essay On Gas Crisis

Essay On Gas Crisis-79
“The Qataris could get around it through tankers registered elsewhere, like the Marshall Islands," says Baroudi, "or divert some of their cargo going to Europe via South Africa.” He says that such moves could add about half a dollar to the cost of each British Thermal Unit (BTU) – but that the Qataris could cope with that, even if they had to absorb the cost instead of the consumer.

“The Qataris could get around it through tankers registered elsewhere, like the Marshall Islands," says Baroudi, "or divert some of their cargo going to Europe via South Africa.” He says that such moves could add about half a dollar to the cost of each British Thermal Unit (BTU) – but that the Qataris could cope with that, even if they had to absorb the cost instead of the consumer.Around 70 percent of Qatar’s LNG exports are under long-term contracts - typically of around 15 years - so production and payments are secure.

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Qatar is the world’s largest liquefied natural gas (LNG) exporter, accounting for nearly one-third of global trade, at 77.8 million tonnes (MT) in 2016, according to the International Gas Union.

So far there have been no interruptions to Qatari extraction or exports via the 60-plus LNG carriers that belong to the Qatar Gas Transport Company (Nakilat in Arabic).

The crisis is a reminder to everyone in Asia that the Middle East is not stable, that everything could change within days.” One scenario that would deepen the crisis still further is a lockdown of the Dolphin gas pipeline, which runs between Qatar and some of its fiercest critics.

While two-thirds of Qatari LNG is bound for Asia and Europe, around 10 percent is destined for the Middle East.

The blockade of Qatar, led by Saudi Arabia and the United Arab Emirates, has already had an economic impact.

Qatar, the world’s second largest producer of helium, has stopped production at its two plants as it cannot export gas by land.

Karim Nassif, associate director at Standard & Poor's in Dubai, says: “If they are not allowed to stop and refuel as some reports suggest, then this could affect the buyers who may be anticipating a variety of crude grades.” The Daily Telegraph reported that two LNG ships bound for the UK were re-routed due to the crisis, but Baroudi says this is not an issue.

“If the reports are true, it’s just a by-product of how international companies are coping with the Saudi-led embargo by playing it safe.

“They are under pressure now, and in a global context with an LNG glut,” he says.

“All Qatar customers are asking for better deals, and Qatar’s market share is decreasing compared to 2013 because of competition from Australia, Indonesia and also Malaysia.

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