Iran-Israel war: After LNG, QatarEnergy stops production of Urea, Polymers, Methanol and Aluminum
On Monday, the energy giant had suspended the production of liquefied natural gas (LNG) and associated products following a drone strike on its operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in Qatar.
After LNG, QatarEnergy stops production of downstream products amid conflict in Middle East. (Image: QatarEnergy Website) QatarEnergy stops downstream production: Amid the escalating US-Israel Iran war, QatarEnergy on Tuesday stopped the production of several downstream products, including Urea, Polymers, Methanol, Aluminium and other related items. It offered no timeline for restoration of its production.
QatarEnergy halts LNG production
On Monday, the energy giant had suspended the production of liquefied natural gas (LNG) and associated products following a drone strike on its operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in Qatar.
“Further to the decision by QatarEnergy to stop production of liquefied natural gas (LNG) and associated products, QatarEnergy is stopping the production of some downstream products in the State of Qatar, including urea, polymers, methanol, aluminum and other products.
QatarEnergy values its relationships with all of its stakeholders and will continue to communicate the latest available information,” it said in a statement.
Last year, QatarEnergy signed a 17-year Sales and Purchase Agreement (SPA) with Gujarat State Petroleum Corporation (GSPC) for the supply of up to 1 million tons per annum (MTPA) of LNG.
Oil Prices
On Monday, oil prices rose sharply as disruptions to tanker traffic through the Strait of Hormuz chokepoint raised uncertainty about how US and Israeli attacks on Iran would affect supply to the world economy, reports AP. As per the report, US oil traded 7.6% higher at $72.12 per barrel, while international standard Brent was up 8.6% at $79.11 per barrel. Natural gas futures in Europe jumped more than 40 per cent after Qatar, a major supplier, halted production due to the conflict.
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