Qatar gas trades at 7 year high
Qatar is facing high prices for LNG since 2006 and therefore plans to boost its exports Europe in the coming 5 years. The forecast says the LNG shipments to Europe shall rise by 22% by the next year, which is the highest since 2009.
As per Poten & Partners Inc., Centrica Plx (CNA), U.K.’s biggest energy supplier extended an import contract with Qatar Liquefied Gas Co., the world’s biggest LNG producer, to December 2018 resulting in a 20% increase in volumes.
Qatar has also signed contracts with German and UK companies and is said to increase its shipments to Europe. The move is also a result of foreseen competition from Australia in 2015 since they are closer to Asia.
By 2020, Australia is said to overtake Qatar leading as the largest LNG producer. In 2014 Europe will receive an additional 6.64 million metric tons from Qatar over the 19.65 million contracted. To put it all together, Europe is said to receive a total of 71.5 million tons of LNG with the various contracts for the coming year!