QatarEnergy Extends LNG Force Majeure into September, Italy's Edison Says

Dow Jones
Jul 28
 
 

QatarEnergy extended force majeure on liquefied natural gas shipments for Edison--one of its largest European customers--through the end of September, the Italian utility said Tuesday.

The state-owned company notified Edison that it wouldn't be able to deliver three additional cargoes scheduled for Italy's Adriatic LNG import terminal. The force majeure clause allows suppliers to suspend contractual obligations without penalty due to events beyond their control.

The extension brings the total number of cargoes affected to 24, equivalent to around 3 billion cubic meters of natural gas. Edison, a unit of France's EDF, has a long-term contract with QatarEnergy to import 6.4 billion cubic meters of gas a year into Italy.

Qatar is one of the world's largest LNG exporters, accounting for nearly one-fifth of global LNG trade. Iranian strikes knocked out 17% of capacity at its Ras Laffan hub, while the near-closure of the Strait of Hormuz sharply curtailed tanker traffic for months.

QatarEnergy wasn't immediately available for comment.

Edison said it would still be able to secure alternative supplies and meet all of its commitments to customers.

 
 

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10