Qatar’s energy minister discusses Trump’s proposal to lift LNG export cap | Real Time Headlines

Qatar’s energy minister said he was not too worried about U.S. President-elect Trump’s pledge to lift caps on liquefied natural gas exports.

Saad Sherida Al Kaabi, Qatar’s energy minister and CEO of state-owned gas company Qatar Energy, told CNBC’s Dan: “More gas will be needed, whether it’s from the United States, Qatar Or somewhere else.

“If you open up LNG and say we’re going to export another 300 million tons… or 500 million tons from the United States, all of these projects are being driven by private players who are looking at the commercial viability of the projects and will There becomes a limit.

“It all depends on supply, demand and the long-term prospects of these companies,” he added. “I’m not too worried about that.”

Trump wants to “drill, baby, drill” — in other words, increase domestic oil and gas production. His transition team is put together According to Reuters, he will launch an energy plan within days of taking office that will approve export licenses for new liquefied natural gas projects and increase oil drilling in the country.

“If you decide to build an LNG facility or an export facility and you decide to do it today, it will take six to 10 years to actually get it up and running and operational,” he said, emphasizing that this is not an “on, off” move. .

The United States and Qatar stand their ground The world’s largest LNG supplierthe total market share is close to 50%. competition between the two Major exporting countries increase efforts This year, it comes after Europe decided to phase out its reliance on Russian pipeline gas and U.S. suppliers quickly filled supply gaps.

Kirby says EU needs ‘thorough’ review Due Diligence Instructions for Corporate Sustainability Development – This requires large companies to “identify and address” negative environmental impacts, etc. in their operations.

Kabi added that fines could reach up to 5% of a company’s total revenue, stressing that it would “harm” European companies and those operating in the EU, which would need to incur higher costs to complete due diligence.

CSDDD will come into effect in 2027 Expected to affect approximately 5,500 EU residents companies and at least 1,000 non-EU companies with significant operations in the region, Reuters reports July.

The Qatar Investment Authority manages an estimated $510 billion in assets, according to the Qatar Investment Authority global sovereign wealth funds – He added that other fund managers would consider moving investments out of the EU to avoid penalties.

“This is very serious for them,” Kaabi said, adding that the European economy “is not doing well, so they need foreign direct investment, they need support.”