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Qatar extends LNG supply disruption notices to Bangladesh and other Asian buyers
QatarEnergy has extended force majeure notices and will be unable to deliver some liquefied natural gas (LNG) cargoes to Bangladesh and other Asian buyers as the Strait of Hormuz remains closed, according to trading sources.
Asian clients, including those in Bangladesh and Pakistan, were informed that the force majeure notices had been extended until November, two trading sources said on Monday. QatarEnergy did not immediately respond to a request for comment.
The company has also extended the disruption affecting Italian utility Edison. Edison said it will not receive LNG cargoes until the beginning of December under a force majeure notice first issued in April following disruptions caused by the US-Iran war.
Qatar’s LNG exports have been severely affected by the conflict, with exports falling by 96 percent, according to a Reuters calculation at the end of August. Data from intelligence firm ICIS showed that Qatar exported only 18 LNG cargoes through the end of August, compared with 509 during the same period last year.
With the winter heating season approaching, European buyers are expected to seek alternative sources to replenish gas storage inventories before the coldest months. This is likely to increase competition with Asian buyers for limited global LNG supplies and keep gas prices elevated.
Italy remains confident it will meet the European Union’s target for gas storage, while several countries, including Germany, are working to replenish their reserves.
Edison said QatarEnergy would cancel another six LNG cargoes, bringing the total number of undelivered shipments to 35. The Italian subsidiary of France’s EDF has so far replaced 23 of the missing cargoes, mainly by turning to US suppliers.
Edison has a long-term agreement with QatarEnergy to receive 6.4 billion cubic metres of natural gas annually for Italy, equivalent to around 10 percent of the country’s total consumption. The agreement, which began in 2009, has a total term of 25 years.