The CEO of Qatargas has said that the company is thinking about shipping surplus liquefied natural gas (LNG) to markets in Asia instead of the intended recipient, the United Kingdom.
According to news agency Reuters, Faisal Al Suwaidi said that low demand and oversupply was happening in all parts of the world, not just the UK, but he was confident that demand in Asia, especially India was beginning to pick up.
“The UK market is now saturated and we believe it will remain so in the short term,” Suwaidi is quoted as saying. “So we need to divert cargoes to markets that can absorb these.”
Suwaidi also said that he believed the long term requirements of the UK still remained strong and that Qatar was committed to being its main supplier.
“We have invested US$2 billion at the South Hook regasification terminal in Wales. Who will do this? Only those with total commitment to the market can think of this,” Suwaidi said.
Qatar has the world’s largest non-associated gas reserves and the third-largest gas reserves overall. It is the world’s largest exporter of LNG.
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