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Qatar has threatened not to export liquefied natural gas to Europe, in response to strict environmental, social and governance reporting standards for large companies operating in EU member states.
In statements monitored by the Washington-based Energy Platform, Minister of State for Energy Affairs and CEO of Qatar Energy, Eng. Saad bin Sherida Al-Kaabi, said that his message to Europe is: “You are telling us that you do not want our liquefied gas in the European Union?”
Al-Kaabi added: “We will not supply the European Union with Qatari liquefied gas to support energy requirements, and then we will be subject to a penalty of 5% of our total global revenues.”
The minister criticised the new European approach, which sets strict standards for environmental, social and governance reporting for large companies operating in the EU, saying it creates “completely meaningless” challenges for companies like Qatar Energy.
Qatari LNG to Europe
Engineer Saad bin Sherida Al Kaabi commented on attempts to prevent Qatari LNG from entering Europe , saying: “I am sure that I will not supply the European Union with LNG to support its energy requirements, and then be subject to sanctions on our total revenues worldwide.”
The statement was made in reference to the European Union’s Sustainability Due Diligence Directive, which came into effect in July 2024 and sets out the steps large companies must take to identify and address negative human rights impacts.
These impacts cover a range of topics, including child labour, climate issues and other factors, and the directive imposes detailed transition plans for companies and exposes them to legal action if there are violations in their value chains.
He explained that the directive ultimately harms European companies in the first place, while his country supports the desire to enhance human rights and workers’ rights, in addition to reducing environmental impacts, noting that the question is: “How can we deal with the matter?”
he minister criticised the new European approach, which sets strict standards for environmental, social and governance reporting for large companies operating in the EU, saying it creates “completely meaningless” challenges for companies like Qatar Energy.
Qatari LNG to Europe
Engineer Saad bin Sherida Al Kaabi commented on attempts to prevent Qatari LNG from entering Europe , saying: “I am sure that I will not supply the European Union with LNG to support its energy requirements, and then be subject to sanctions on our total revenues worldwide.”
The statement was made in reference to the European Union’s Sustainability Due Diligence Directive, which came into effect in July 2024 and sets out the steps large companies must take to identify and address negative human rights impacts.
These impacts cover a range of topics, including child labour, climate issues and other factors, and the directive imposes detailed transition plans for companies and exposes them to legal action if there are violations in their value chains.
He explained that the directive ultimately harms European companies in the first place, while his country supports the desire to enhance human rights and workers’ rights, in addition to reducing environmental impacts, noting that the question is: “How can we deal with the matter?”
Engineer Saad bin Sherida Al Kaabi said that with Qatar Energy’s recent expansions, it can be confirmed that achieving carbon neutrality – as a company – is not possible, according to statements reviewed by the specialized energy platform (based in Washington).
The minister pointed out that companies will have to employ people to inspect every used part supplied by every contractor along their supply chain, to ensure that it meets the required practices and standards.
“We are also being asked to be responsible for Tier 1, Tier 2 and Tier 3 emissions, and to be responsible for a penalty of up to 5% of our total revenues generated worldwide, and this makes no sense at all,” he added.
Doha is set to control about a quarter of global LNG exports by the end of the decade in 2030, having signed long-term contracts with about 20 countries, including India and Italy, to sell seaborne LNG, with the potential to sign more deals with new customers in the future.
Eng. Saad Al Kaabi explained that investment entities and sovereign wealth funds in his country, such as the Investment Authority – which manages $510 billion – will be concerned about whether companies they own or plan to own could be subject to sanctions such as those set by the European Union.
He pointed out that these companies may eventually find themselves forced to withdraw completely from the European Union and withdraw all their investments there, in order to protect their money, while seeking to invest in other countries.
Why do you need to use the translate button?
Today’s news in the Western press has been published two weeks ago in Arabic! #FF @Attaqa2
Qatar threatens to halt LNG shipments to the EU https://t.co/AirT8JTCM9
— Anas Alhajji (@anasalhajji) December 22, 2024
The post Qatar threatens not to export LNG to Europe appeared first on Energy News Beat.
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