Iranian Attacks Wipe Out 17% of Qatar’s LNG Capacity

A series of Iranian attacks has severely impacted Qatar's liquefied natural gas (LNG) export capacity, according to Saad al-Kaabi, CEO of QatarEnergy. The strikes have damaged two of the country's 14 LNG trains and one of its two gas-to-liquids facilities, which will remain offline for three to five years.

The damage is estimated to be around $20 billion in lost annual revenue, with a significant portion coming from exports to Europe and Asia. QatarEnergy may have to declare force majeure on long-term contracts for up to five years for LNG supplies bound for Italy, Belgium, South Korea, and China.

ExxonMobil, a US oil major, is a partner in the damaged LNG facilities and holds a 34% stake in LNG train S4 and a 30% stake in train S6. The fallout extends beyond LNG, with Qatar's exports of condensate expected to drop by around 24%, liquefied petroleum gas (LPG) by 13%, helium output by 14%, and naphtha and sulphur by 6%.