Saad Sherida Al Kaabi, Minister of Energy of Qatar and CEO of Qatar Energy Company, speaks at a press conference in Doha on September 1, 2024.
Karim Jaafar | AFP | Getty Images
Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Sunday that Qatar would stop gas deliveries to the EU if member states strictly enforce new laws against forced labor and environmental damage.
The Corporate Sustainability Due Diligence Directive, approved this year, requires large companies operating in the EU to check whether their supply chains use forced labor or cause environmental damage and take action if so. Fines include fines of up to 5% of global turnover.
“If the situation was that I lost 5% of my income by going to Europe, I wouldn’t go to Europe. I’m not bluffing,” Kaabi told the newspaper. He added, “5% of the income generated by Qatar Energy That means 5% of Qatar’s national income. It’s people’s money, so I can’t lose this kind of money – no one will accept losing this kind of money.
Kabi, chief executive of state-owned Qatar Energy Company, said the EU should thoroughly review due diligence laws. He also said his fellow Gulf states were not worried about U.S. President-elect Trump’s pledge to lift caps on liquefied natural gas exports.
Qatar, one of the world’s largest exporters of liquefied natural gas, is seeking a bigger role in Asia and Europe as competition from top U.S. suppliers intensifies. The company plans to expand liquefaction capacity from 77 million tons per year to 142 million tons per year in 2027.
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