The prolonged closure of Strait of Hormuz, lasting significantly longer than a month, would negatively affect global chemical production, with Mideastern and Asian producers most affected. Chemical production costs may hit a new high and global supply chains could get disrupted, said a report.
QatarEnergy said on Tuesday (March 24) it had determined that it needed to declare force majeure on some of its affected long-term LNG supply contracts, with counterparties including customers in Italy, Belgium, South Korea, and China.
Adnoc Logistics and Services (Adnoc L&S) confirmed the early delivery of Arada, a 175,000 m³ liquefied natural gas (LNG) carrier constructed by Jiangnan Shipyard in China.
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed, after US and Israeli strikes on Iran plunged the region into turmoil.
QatarEnergy has ceased production of liquefied natural gas (LNG) and associated products due to military attacks on QatarEnergy’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City, the company said.
Iranian attacks have knocked out 17% of Qatar's liquefied natural gas (LNG) export capacity, causing an estimated $20 billion in lost annual revenue and threatening supplies to Europe and Asia, QatarEnergy's CEO and state minister for energy affairs told Reuters.
QatarEnergy has offered up five slots for unloading, storage and regasification of liquefied natural gas at Belgium's Zeebrugge terminal for the month of April, three industry sources said, indicating its facilities could remain shut down for a longer period.
India is pressing Iran to allow more Indian-bound vessels through the Strait of Hormuz after Tehran permitted two Indian-flagged liquefied petroleum gas (LPG) carriers to cross the strategic waterway, as New Delhi seeks to ease mounting energy supply risks from the Gulf conflict.
TotalEnergies has signed a preliminary agreement (Letter of Intent) with Glenfarne, the lead developer of the Alaska LNG project, for the long-term offtake of 2 million tonnes per year (Mtpa) of liquefied natural gas (LNG) over 20 years, subject to the project’s final investment decision.
Adnoc and RWE Supply & Trading (RWE) announced a strategic collaboration to explore LNG supply of up to 1 mtpa to Germany and Europe for up to 10 years. The agreement also includes potential cooperation in LNG trading, regasification, and broader opportunities across the gas and LNG value chain.
