Qatar won’t supply gas to EU if fined by bloc’s countries
Qatar Energy, Qatar’s national oil and gas company, will halt liquefied natural gas shipments to the European Union if community countries impose fines of 5 percent of annual revenue on large companies for failing to meet carbon dioxide emissions and human rights criteria, said Qatar’s Minister of State for Energy and Qatar Energy CEO Saad bin Sherida Al-Kaabi, TASS reports
“If I lose 5 percent of my revenue by supplying Europe, I won’t supply Europe <...>. I’m not bluffing. 5 percent of Qatar Energy’s revenue means 5 percent of the revenue of the state of Qatar. This is people’s money <...> so I can’t lose that much money, and nobody will accept the loss of that kind of money,” he said in an interview with The Financial Times.
Qatar Energy CEO emphasised that if any EU state imposes penalties for failure to meet the criteria contained in the Corporate Sustainability Due Diligence Directive (CSDD), Qatar will stop supplying gas to the EU.
According to the British newspaper, the May 2024 directive requires EU member states to introduce fines for non-compliance with criteria related to carbon emissions, human rights and labour rights of at least 5 percent of companies’ annual revenues. These measures will come into force from 2027 and are part of the EU’s policy to achieve zero emissions by 2050.
