QatarEnergy Secures $3 Billion Loan From Chinese Banks as LNG Exports Stall
QatarEnergy Secures $3 Billion Loan From Chinese Banks as LNG Exports Stall What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… State-owned QatarEnergy has secured a five-year $3-billion loan from a group of Chinese banks as Qatar’s LNG exporter continues to struggle with shipping sizeable volumes to international markets.
QatarEnergy has secured the loan from Bank of China, Industrial and Commercial Bank of China Limited (ICBC), Agricultural Bank of China (ABC), and China Construction Bank (Asia), anonymous sources with knowledge of the agreement toldBloombergon Wednesday.
The loan suggests that China continues to back companies in the Persian Gulf with funding despite the war, which has led some investors to temporarily pull back.
QatarEnergy plans to use the loan for general working capital, according to Bloomberg’s sources, as Qatar continues to struggle to deliver LNG cargoes via the Strait of Hormuz.
At the end of last month, QatarEnergyextended the force majeureon LNG deliveries to Asia and Europe by another month through the end of November, as LNG cargo traffic through the Strait of Hormuz remains largely blocked amid the protracted U.S.-Iran stalemate over the chokepoint and pathways to end the war.
Six months since the Iran war crippled Qatar’s LNG exports via the Strait of Hormuz, the world’s second-largest liquefied natural gas exporterhas lost $24 billionin sales as exports tumbled by as much as 96%, Reuters calculations showed in August.
LNG traffic at the Strait of Hormuz appears to be ticking up despite increased threats to shipments in the chokepoint in recent days.
The increase in LNG shipments extends the rebound in transits in September, but the flows of liquefied natural gas remain over75% belowthe levels seen before the Iran war.
“We have decided not to use pipelines as an alternative based on commercial and technical criteria,” Saad Sherida Al-Kaabi, President and CEO of QatarEnergy and Qatar’s Minister of State for Energy Affairs,saidlast month, commenting on whether Qatar would consider alternatives to the Strait of Hormuz.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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