QatarEnergy Buys $1B in US LNG Cargoes Amid Hormuz Disruption

QatarEnergy has made significant purchases of US liquefied natural gas (LNG) to offset disruptions in its supply chain. According to sources, the company bought 33 spot LNG cargoes this year from the US for delivery to Asia, specifically South Korea, Taiwan, Bangladesh, India, and Japan.

The purchase is a response to the Iran war, which halted Qatari gas exports through the Strait of Hormuz, affecting around 20% of global oil and gas supplies. The move aims to reduce disruption to key customers after Qatar declared force majeure on its LNG shipments.

QatarEnergy purchased the LNG directly from US producer Venture Global LNG and also acquired cargoes from some of Venture's customers. The total value of the 33 cargoes is estimated at around $1 billion, with about 28 already delivered to their destinations.

The purchase marks a significant increase from last year's four spot LNG cargoes bought by QatarEnergy from the US. This move is seen as a gesture of good faith towards important customers in Asia, which typically account for about 80% of Qatar's LNG shipments.