Qatar Petroleum says business as usual despite diplomatic rift
RIYADH (Reuters) — Qatar Petroleum(QP) said on Saturday that it was conducting "business as usual" throughout its upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbors.
QP was prepared to take any "necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners," the statement said.
Saudi Arabia, the United Arab Emirates, Egypt and others severed diplomatic and transport links on Monday with Qatar, the world's biggest LNG producer, accusing it of sponsoring terrorism.
British gas prices spiked more than 4.5% on Thursday on concerns about how the rift could disrupt the global LNG trade, after two Qatari tankers that were likely bound for Britain changed course.
Qatar's LNG accounts for more than 30% of global trade.
Reporting by Tom Finn and Katie Paul; Editing by Hugh Lawson and Alexander Smith
The ongoing development of shale gas resources in the US has spurred infrastructure construction for both natural gas processing capacity and LNG export terminals.
Russian natural gas monopoly Gazprom is strengthening its presence in the gas market of the Middle East through the planned construction of an 11-metric-MMtpy–12-metric-MMtpy LNG plant in Iran.
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