QatarEnergy said to extend force majeure for European buyers
QatarEnergy is reported to have extended force majeure for its European buyers until the end of September at least, further reaffirming that the energy disruption from the Strait of Hormuz is having a prolonged impact. As a reminder, the company is one of the world's largest LNG exporters and while Europe is not their biggest customer base, the impact here is just a hint of what is being felt in Asia surely. Still, there will be some European players heavily impacted by the continuation of the status quo.
For some context, no LNG tankers have made their way out of the Strait of Hormuz since 16 July. And even if there are shadow fleet movements (unlikely for Qatar), the number is likely to be rather minimal.
One of its biggest European customers, that being Italy's Edison SpA, is out saying that QatarEnergy has notified them that it will not be able to deliver three LNG cargoes in the latest delay. In total, there have been 24 LNG cargoes impacted for them over this force majeure period. That represents around 3 billion cubic meters of natural gas shipments.
For added context, Edison SpA holds a contract with QatarEnergy for the supply of 6.4 billion cubic meters of natural gas shipments per year to Italy - one that has been in force since 2009. And as a result of the force majeure here, Edison SpA saw its Q1 operating profit halved mainly due to the that. So, that is just one example of the impact of the continued disruption to the traffic in the Strait of Hormuz.
As a reminder, QatarEnergy had also last week announce that it has extended force majeure to several Asian customers and also extended lease contracts on some of its LNG tankers through to mid-October at least.
If anything, that suggests that we are not likely to see a material change to the situation in the Middle East for at least a few more months.
This article was written by Justin Low at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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