No impact on Qatari gas trading so far from Gulf crisis: Trading house

Qatari gas
Qatari gas exports continue despite a political dispute involving the tiny Gulf state and five Middle Eastern countries. Qatar gas photo.

Qatari gas exports carry on despite dispute

A representative from Trafigura trading house told Reuters the political dispute between Qatar and five Middle Eastern countries, including Saudi Arabia, has not impacted Qatari gas exports so far.

“The developments in Qatar have so far not impacted at all our trading business. It’s much too early to say if there could be a disruption,” Trafigura Chief Financial Officer Christophe Salmon told Reuters.

“We generally see any geopolitical event as an opportunity for trading rather than a threat,” he added.

On Monday, Saudi Arabia, Egypt, the United Arab Emirates, Bahrain and Yemen cut ties with the Gulf state over what the group says is Qatar’s support of terrorism.  Doha denies the allegation.

Trafigura has increased its LNG trading in recent years and is a supplier of Qatari gas to a number of countries, including Egypt.

“Egypt has been a very good business for us – both on the gas and products side. Last year we had a very significant market share in Egypt. It is lower this year. It’s a profitable business but not without a risk, credit risk,” said Salmon.

“The LNG market is an oversupplied market … the main focus is to secure customers,” he added.

As of Wednesday, Qatari crude exports also continued to be loaded on to tankers, despite the ban.

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