Qatar’s Energy Minister Saad Al-Kaabi has stated that the country may stop exporting gas to the European Union if the new EU rules aimed at combating forced labor and protecting the environment are strictly enforced.
This was reported by the British newspaper Financial Times based on an interview with the minister. The directive, adopted in May, requires large companies operating in the EU to check their supply chains for the use of forced labor and environmental harm. Violators face fines of up to 5% of their global turnover.
If I lose 5% of my revenue from doing business with Europe, I will stop doing business with Europe. This is not a threat, it’s a firm position, said Saad Al-Kaabi.
The minister emphasized that 5% of QatarEnergy’s revenue is a significant amount, equivalent to a portion of the entire state’s income. QatarEnergy, led by Saad Al-Kaabi, is the second-largest exporter of liquefied natural gas (LNG) in the world. The company plans to increase its capacity to 142 million tons per year by 2027, up from the current 77 million tons.
The minister also noted that the competitive challenges posed by the U.S. and their plans to lift restrictions on LNG exports do not concern him. Qatar continues to aim at strengthening its position in the Asian and European markets.
