Qatar's energy minister said Thursday the attacks on the country's energy installations will slash the export capacity of Liquefied Natural Gas (LNG) by 17 percent, costing an estimated loss of $20 billion in annual revenue.
"The damage sustained by the LNG facilities will take between three to five years to repair. The impact is on China, South Korea, Italy and Belgium," said energy minister Saad Sherida al-Kaabi in a statement.
"This means that we will be compelled to declare force majeure for up to five years on some long-term LNG contracts," the minister added, referring to the legal term meaning events beyond its control may lead it to miss export targets.
Qatar's energy minister said Thursday the attacks on the country's energy installations will slash the export capacity of Liquefied Natural Gas (LNG) by 17 percent, costing an estimated loss of $20 billion in annual revenue.
"The damage sustained by the LNG facilities will take between three to five years to repair. The impact is on China, South Korea, Italy and Belgium," said energy minister Saad Sherida al-Kaabi in a statement.
"This means that we will be compelled to declare force majeure for up to five years on some long-term LNG contracts," the minister added, referring to the legal term meaning events beyond its control may lead it to miss export targets.
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