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The LNG market is set to undergo a transformation not seen since Qatar expanded output to 77mn tons/year. Not only is Australia by 2020 set to overtake Qatar in terms of overall export volumes, but Malaysia’s Petronas will surpass Qatar in terms of its ability to supply the market with flexible LNG.
Qatar last year sold about 25mn tons of LNG on either spot or short term contracts, accounting for about 39% of the global flexible LNG trade, according to LNG importers’ group GIIGNL.
Qatar plays an even greater role, proportionally, in the spot and short-term market than it does in the overall LNG trade; it supplied about 33% of the world’s LNG. Meanwhile, spot and short term deals accounted for about 32% of Qatari LNG exports last year, according to GIIGNL figures. While Qatari officials insist that Qatar prefers long-term contracts, the Gulf exporter clearly has a major stake in the spot and short-term LNG market as well. (CONTINUED - 1049 WORDS)