No concerns over Trump's promise to lift LNG export cap, Qatar energy minister says By Reuters

By Andrew Mills and Yousef Saba

DOHA (Reuters) – Qatar has no concerns about U.S. President-elect Donald Trump's promise to lift the cap on liquefied LNG (LNG) exports, Qatari Energy Minister Saad al-Kaabi said on Saturday , adding that his country would face any competition.

“And you know, even if you open up LNG and say we're going to export another 300 million tons from the United States or 500 million tons from the United States, all of these projects are being done by private companies looking at commercial viability projects.” Kaabi, who is also the chief executive of state-owned QatarEnergy, said this at the Doha Forum.

Asked about the impact of Trump's return to the White House on Qatar-US relations, particularly in the energy area, Kaabi said oil and gas projects were multi-decade plans and would “outlive governments” , but he later added that he thought Trump was “good for business.” .

Kaabi said the European Union should thoroughly review the Due Diligence Directive (CSDDD), which will require large companies operating in the bloc to check whether their supply chains use forced labor or cause environmental damage and to take action if they do.

Kaabi said the penalty can reach 5% of a company's total global turnover, adding that it would cause far-reaching complications and harm businesses in the bloc as well as businesses operating there.

“So for me, my message to Europe and the European Commission is: are you telling us that I don't want your LNG coming into the EU? Because I certainly won't supplying the EU with LNG to meet its energy and energy needs then I would be penalized by the fact that my total revenues worldwide go to the EU. he declared.

He also said the Qatar Investment Authority, the estimated $510 billion sovereign wealth fund, and other institutional investors would consider investing elsewhere to avoid penalties.

“The EU economies are not doing very well, so they need foreign direct investment and support,” he said.