Qatar's LNG shutdown severely hits global economy: Ex-CEO of Iran's fuel company
Ex-CEO of Iranian Fuel Conservation Company (IFCO) says the global markets are severely hit after a shipping halt in the Strait of Hormuz disrupted Qatar's production and export of liquefied natural gas (LNG), causing serious shortages.
Nosratollah Seifi, former managing director of the IFCO, stated on Thursday, “It is not possible to store LNG for more than 72 hours after its production and this is the reason why Qatar shut down its production centers only three days following the closure of the Strait of Hormuz.”
Following an unprovoked war of aggression against Iran by the United States, along with its closest regional ally Israel, Tehran closed the strait of Hormuz in retaliation.
The closure of all LNG companies of the peninsular country has two consequences on both sides of the strait, Seifi said, stressing, “First, all companies as well as all the production fields will consequently shut down. Second, the production of liquefied petroleum gas (LPG) will also be disrupted and therefore, petrol, gasoline and other petroleum derivatives produced in refineries will also stop.”
QatarEnergy LNG, formerly Qatargas, is the world's largest liquefied natural gas (LNG) company, which produces and supplies the globe with 77 million metric gas.
"As a result, the current halt not only disrupts shipping LNG from the Persian Gulf but also affects all the activities of installations dedicated to convert LNG to natural gas," the ex-CEO of IFCO stressed.
Seifi said that the United States, Japan and South Korea, among others, will be severely affected by the current halt in Qatar’s LNG production and export.
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