QatarEnergy agrees to buy US LNG as Gulf producers hunts for deals
The energy major is securing gas supplies beyond the region amid constrained domestic exports.
QatarEnergy has reached an agreement to purchase up to 4 million tons of liquefied natural gas (LNG) annually from Houston-based Cheniere. This deal is part of the company's strategy to become the world's largest gas trader. State-owned energy producers in the Gulf have been actively pursuing such deals this year, securing supplies beyond the region to ensure a steady flow of gas to their customers, even when domestic exports are restricted.
These investments hold particular significance now, following the disruption of gas flows through the Strait of Hormuz due to the US-Iran conflict. Qatar's exports plummeted nearly 90% from April to September, but they have reportedly rebounded with the implementation of the "Hormuz shuttle" for LNG shipments starting this month.
QatarEnergy's 70% stake in the Golden Pass plant in Texas delivered its initial cargo in April. Saudi Aramco has also committed to purchasing gas from Port Arthur LNG's nearby facility, while ADNOC's international investment arm, XRG, has invested in projects across Argentina, Mozambique, and the United States.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
