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Qatar Raises Its Game to Fend Off Next LNG Giants

marinesalvage by marinesalvage
April 8, 2024
in News
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Qatar Raises Its Game to Fend Off Next LNG Giants
Qatar Raises Its Game to Fend Off Next LNG Giants

Qatar Raises Its Game to Fend Off Next LNG Giants

ReutersBy Sarah McFarlane and Oleg Vukmanovic

LONDON/MILAN, Aug 25 (Reuters) – Gas large Qatar is changing into commercially sharper, utilizing merchants and tenders to seize new prospects, and preventing to carry on to its share within the prized Asian market.

Qatar is the world’s high provider of liquefied pure fuel (LNG), however within the coming 5 years it could possibly be surpassed by Australia, a shift which threatens its dominance in Asia — which accounts for nearly three quarters of the worldwide market and has paid the very best costs.

“Previously Qatar’s strategy had been about retaining price, in future it’s going to be about retaining market share,” stated Noel Tomnay, head of worldwide fuel and LNG analysis at Wood Mackenzie.

“As lots of Australian LNG comes into the market, it’s inevitably going to push out some Qatari volumes from Asia,” Tomnay stated.

This has prompted Qatar to work extra carefully with commerce homes who’re targeted on short-term offers, usually in riskier markets, whereas additionally decreasing its value expectations.

“In the past Qatar did not need to be commercial. Now they are a lot more commercial, a lot sharper,” stated a dealer at a global commerce home. “They are dealing with traders more and have started participating in tenders.”

With the assistance of commerce homes, Qatar has been supplying LNG to a number of the latest importers together with Egypt, Jordan and Pakistan, who’re securing huge quantities by way of quick time period tenders.

Qatar’s largest prospects are Japan, South Korea and India.

The world LNG market was based mostly on bilateral long run offers, with contracts lasting years, however the brand new provide has elevated uncommitted volumes, triggering extra concentrate on ‘spot’ commerce.

“Qatar as a supplier can afford to provide their long term contracts and then on top of that they have flexible LNG to attack new markets. It’s a strategy to adapt itself to the new world,” a dealer at an oil main stated.

Trade flows illustrate the shift.

Independent LNG marketing consultant Andy Flower estimated Qatar’s exports to Asia within the first half of the yr fell by round 2.7 million tonnes in comparison with the identical interval a yr in the past, whereas exports to Eastern Mediterranean international locations together with Israel, Jordan and Egypt have been up by 0.4 million tonnes and exports to Europe have been up by round 2.5 million tonnes.

“This suggests that they are showing increased flexibility in responding to the changes in the markets,” Flower stated.

Qatar was beforehand capable of cost a premium on the idea that they have been a really dependable provider. Its main LNG producers Qatargas and RasGas produce round 77 million tonnes per yr.

Neither firm responded to requests for remark.

“Qatargas and RasGas are no longer averse to talking about making changes to existing contractual agreements in light of the completely changed market dynamics,” a supply at importer Gail India stated. (Editing by William Hardy)

(c) Copyright Thomson Reuters 2015.

Qatar Raises Its Game to Fend Off Next LNG Giants

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