QatarEnergy Has No Intentions to Increase EU Gas Supply Next Winter

QatarEnergy Has No Intentions to Increase EU Gas Supply Next Winter

QatarEnergy is working on expanding its gas production and trading operations as global demand surges and will not divert liquefied natural gas (LNG) contracted with Asian buyers to Europe this winter, announced CEO Saad al-Kaabi.

Qatar is already among the world's top LNG exporters, and several European states, facing a spike in energy prices and a fuel supply crunch, have been in talks with the Gulf Arab state to reduce their reliance on Russian energy supplies.

Kaabi, also State Minister for Energy, said that Qatar is committed to respecting its contracts, adding that "when we sign with an Asian buyer or European buyer, we stick to that agreement."

"So, the volume that will go to Europe is what has been assigned," he said, adding that as far as "taking from Asian buyers to take to Europe (that) will not happen."

Kaabi said that the state-owned QatarEnergy, which earlier this year signed deals for stakes in its LNG expansion project, aims to become the biggest LNG trader through organic growth, adding that it is already working on forming trading teams.

"We're just going to keep building that organically. So, we're not looking at acquiring a company or anything like that," he said.

Qatar is working to consolidate