Qatar is further increasing its liquefied natural gas (LNG) export capacity following the Biden administration's decision to suspend approval of new US export hubs, the Financial Times reported on Sunday. .
Officials announced Sunday additional long-term increases in natural gas production to complement existing growth plans and put the country on track to increase production capacity by 85% by the end of the decade. according to To the Financial Times. Qatar expects natural gas demand to remain strong, especially as Asian economies seek to move away from dependence on coal.
According to the Financial Times, Saad Sherida Al Kaabi, Qatar's Minister of Energy and CEO of Qatar Energy, said the increased production capacity would “take Qatar's gas industry to new horizons.” “I'll guide you,” he said of the plan. “These are very important, large-dimensional results.” (Related: 'Self-inflicted wounds': Is Biden about to hand the Trump campaign a big political gift?)
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According to the Financial Times, Qatar recently discovered large new gas deposits, increasing its overall reserves by 14%. Qatari companies have signed two large long-term contracts to supply natural gas to China in the past year and a half, and oil and gas giant Shell said in early February that global LNG demand will increase by 50% by 2040. A report predicting this was published. .
Potential buyers of LNG in Asia, including Japan and China, are looking for alternative sources to protect themselves from disruption to their plans caused by the suspension of new U.S. export hubs. according to Go to Bloomberg News. The chairman of Eurogas, the oil and gas trade association representing 101 European companies, wrote: letter Before this decision was taken, the suspension of new export approvals “risks widening and prolonging global supply imbalances'' and “inevitably leads to a longer period of price volatility in Europe, leading to higher prices.'' “This could lead to negative impacts,” he warned. Economic disruption and social impact. ”
In January, the Biden administration suspended approvals for new LNG export terminals in consultation with the White House. give instructions The Department of Energy (DOE) has expanded the scope of the approval review process and consider We consider climate impacts as well as impacts on economic outcomes and energy security. Energy sector experts have previously told the Daily Caller News Foundation that the measures will not reduce emissions and will actually increase emissions by ramping up foreign natural gas production in places like Qatar and Russia. He said the amount would be increased.
Elected Republicans and Americans Natural gas industry Climate activists hailed the move as a major victory, but sharply criticized the decision for similar reasons. White House officials reportedly met with several activists, including a 25-year-old TikTok influencer and members of Climate Defiance, before making the decision.
Some activists who campaigned against plans for a new LNG export terminal in the United States received funding and support from charities funded by billionaires like Michael Bloomberg and the Rockefeller family. Deputy Energy Secretary David Turk also defended the administration's policies, citing misleading and questionable science in congressional testimony.
Neither the White House nor the Department of Energy immediately responded to requests for comment.
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