Qatar Reports 17% Loss in LNG Export Revenue Due to Middle East Conflict

NEW YORK, September 21. /TASS/. Qatar has lost around 17% of its liquefied natural gas (LNG) export revenue due to Iranian attacks and the closure of the Strait of Hormuz, Qatar Central Bank Governor Bandar bin Mohammed bin Saoud Al Thani said.

"We have been impacted by the situation [the conflict in the Middle East - TASS] and as you know, 17% of our [LNG export] revenue has been wiped out," he said in an interview with Bloomberg.

Al Thani also stressed that the damage to the country’s gas infrastructure was "huge" and that it would take "two to three years" to fully restore it.

The United States and Israel began a war with Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon. However, on the night of July 8, the United States resumed large-scale strikes on Iran, accusing it of violating the terms of the agreements reached regarding the Strait of Hormuz.

Around 25% of global oil trade and about 20% of global LNG trade passes through the strait. The US administration subsequently effectively signaled an end to the large-scale use of military force against Iran and a shift toward attempting to economically strangle the country through sanctions.