DOHA - Qatar

's Minister of State for Energy Affairs Saad bin Sherida al-Kaabi said his country wants to meet European Union requests for additional supplies of liquefied natural gas, but most of Qatar's exports are already linked to long-term contracts.

Al-Kaabi stressed, during a press conference at the conclusion of the sixth summit of the Global Gas Exporting Countries Forum (GECF), his country's desire to help the European Union by providing additional quantities within the limits of available gas quantities.

The Qatari minister added, "No single country can replace Russian gas supplies to Europe," noting that only about 10% to 15% of LNG contracts can be transferred to other places.

He explained that some of the gas quantities already pledged to Britain can be transferred.

The Qatari minister attributed the increase in gas prices to supply and demand (Al-Jazeera)

refusal of penalties

With regard to the position of the member states of the Gas Exporting Countries Forum in the event that economic sanctions not imposed by the United Nations on a member of the forum such as Russia, the Qatari Minister of State for Energy Affairs said, “Whatever decisions will be taken, this has nothing to do with the forum, because the objectives of the forum are The Gas Exporting Countries Forum has nothing to do with political issues," stressing that the forum is a group that seeks to promote the use of gas, and understand the human needs for this clean source of energy.

The Qatari Minister of State for Energy Affairs ruled out that the Russian-Ukrainian crisis was behind the rise in gas prices, as he attributed this rise to the factors of supply, demand and investment.

He added, "The issue of prices is a double issue. We want stability for prices and markets. The price hike was before these events in Ukraine. Prices keep pace with the issue of supply and demand."

He explained that gas would be part of the solution in the transition towards renewable energy sources, saying, "Gas is definitely needed in the future. Everything that is happening today about prices is mainly due to lack of investment, and it will take time to catch up."

green bonds

Regarding the steps that Qatar will take to stabilize the market, Al-Kaabi stressed that consumers are the basis of the market.

The Qatari Minister of State for Energy Affairs and CEO of Qatar Energy Company also said that the state-owned Qatar Oil and Gas Company will not resort to international markets to issue green bonds.

Qatar is working to expand North Field production (Al-Jazeera - archive)

Al-Kaabi added that "Qatar Energy" will seek a loan for its projects in the petrochemical sector, but it does not intend to increase borrowing for the North Field expansion project, explaining that if there are additional projects, it will be considered.

Doha Declaration

The Gas Exporting Countries Forum concluded with the adoption of the "Doha Declaration", where the participating countries agreed to "strengthen global energy security and enhance energy cooperation to achieve stability in energy markets."

The declaration also emphasized "the promotion of natural gas's position as a clean and reliable energy source that responds to environmental and climate conservation requirements."

And the activities of the sixth summit of the Global Gas Exporting Countries Forum (GECF) kicked off earlier today, Tuesday, in the Qatari capital, Doha, amid the escalation of the Ukrainian crisis that threatens energy supplies to Europe.

Under the slogan "Natural Gas... Drawing the Future of Energy", the summit participants discussed how to achieve stability in gas and energy markets in general in light of severe political tensions at the regional and international levels that greatly affect energy prices, and the crises that afflict the world, such as high energy prices and the continuation of Corona pandemic.

The Gas Exporting Countries Forum was established as an intergovernmental organization based in Doha, concerned with setting a framework for exchanging experiences and information between member states and raising the level of cooperation and coordination between them.

The summit is being held in the midst of a major global crisis represented by the conflict between Russia on one side and Ukraine and the West on the other, and the threat of that conflict in the event of an outbreak of energy security in the entire continent of Europe, due to its dependence mainly on Russian gas.