Qatar will cease gas exports to the European Union if the bloc enforces its new corporate due diligence law, Reuters said, the energy minister of the country Saad al-Kaabi warned in an interview with the Financial Times published on Sunday.
The Corporate Sustainability Due Diligence Directive, approved this year, mandates large companies operating in the EU to ensure their supply chains are free from forced labor and environmental harm, with non-compliance penalties reaching up to 5% of global revenue.
"If I stand to lose 5% of my revenue by trading with Europe, I won’t trade with Europe. I’m not bluffing," Kaabi stated. "This would mean 5% of QatarEnergy’s revenue, which is essentially the revenue of the Qatari state. That’s the people’s money—no one would accept such a loss."
Kaabi, who is also the CEO of QatarEnergy, urged the EU to reassess the directive, which he claimed could unfairly penalize key energy suppliers. Despite the law, he expressed confidence in Qatar’s ability to diversify its markets, noting its robust relationships in Asia and other regions.
Qatar, one of the world’s largest exporters of liquefied natural gas (LNG), is actively expanding its global presence. It plans to boost its LNG production capacity from 77 million to 142 million tons annually by 2027, even as competition from the United States intensifies.
Bd-pratidin English/ Jisan
