QatarEnergy Scoops Up $1 Billion in US LNG Cargoes Amid Hormuz Disruption

QatarEnergy has purchased 33 spot liquefied natural gas (LNG) cargoes from the US to ensure continued supply to key Asian customers. The move comes after Iran closed the Strait of Hormuz, disrupting Qatari LNG exports.

The cargoes are bound for South Korea, Taiwan, Bangladesh, India, and Japan. QatarEnergy had declared force majeure on its LNG shipments due to the disruption.

These purchases represent a significant increase from last year's four spot cargoes and are valued at around $1 billion, roughly one-third of QatarEnergy's monthly LNG exports before the conflict.

The company bought the cargoes directly from US producer Venture Global LNG and also acquired additional shipments from some of its customers. The move is seen as a gesture of good faith towards key customers and demonstrates QatarEnergy's commitment to maintaining supply chains despite disruptions.