Qatar warns it will halt gas supplies to Europe if fined under EU due diligence law

Politico with the report that Qatar has warned it will stop exporting liquefied natural gas (LNG) to the European Union if penalties are imposed under the EU’s new Corporate Sustainability Due Diligence Directive.

• Qatari Energy Minister Saad Sherida al-Kaabi criticized the directive, which mandates companies address human rights and environmental issues or face fines of up to 5% of their global annual revenue.
• “If I lose 5 percent of my revenue by supplying Europe, I won’t supply Europe” al-Kaabi told the FT in an interview published Sunday.
• “I’m not bluffing”
• “5 per cent of generated revenue of QatarEnergy means 5 per cent of generated revenue of the Qatar state. This is the people’s money, so I cannot lose that kind of money – and nobody would accept losing that kind of money.”

Qatar’s LNG exports have been crucial for Europe amid efforts to reduce reliance on Russian energy. This dispute could have significant implications for Europe’s energy security and climate goals.

This article was written by Eamonn Sheridan at www.forexlive.com.