Lack of investment behind surge in gas prices: Minister Al Kaabi – The Peninsula Qatar

Lack of investment behind surge in gas prices: Minister Al Kaabi – The Peninsula Qatar

Doha: The steep rise in the natural gas prices in the global markets are caused by the lack of investment and not due to Russian-Ukrainian crisis, said Minister of State for Energy Affairs H E Eng. Saad bin Sherida Al Kaabi. He said Qatar wants to meet European Union (EU) demands for additional LNG supplies, but most of its exports are already tied to long-term contracts.

“Everything that is going on today on pricing is fundamentally because of lack investments and that will take time to catch up. Supply demand has a tendency to correct itself over time so hopefully this will be corrected, it will take time,” said Minister Al Kaabi addressing the press conference held on the sidelines of the 6th Summit of the Gas Exporting Countries Forum (GECF).

Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt H E Tarek El Molla, and Secretary-General of the Gas Exporting Countries Forum (GECF) Mohamed Hamel also attended the press conference.,

Minister Al Kaabi said that no single country can replace gas supplies by Russia. He said that most of the Qatar’s LNG is already tied up in the long term contracts.

“Russia provides I think 30-40 percent of the supply