Qatar will stop sending gas to the EU if European member states strictly enforce the fines imposed under the monitoring law, Energy Minister Saad al-Kaabi has said.
5 percent of revenue
The EU law CSDDD was approved this year. It states that large companies operating in the EU must check whether they use forced labor or cause environmental damage in their supply chains and take action if they do so.
It has also warned that if such a mistake is found, they will have to pay a fine of up to 5 percent of global revenue. In this situation, Minister Kaabi has strongly criticized this EU law.
Kaabi has raised the question of why should they do business in Europe if they will lose 5 percent of the revenue generated by doing business in Europe.
LNG exporter
5 percent of the revenue collected from selling Qatari gas is revenue for Qatar. Kaabi said that it is an income for the Qatari people, and Qatar is never ready to lose such income.
He also called for a full review of the EU’s surveillance law. Qatar is one of the world’s leading LNG exporters.
Qatar is facing stiff competition in Asia and Europe, with the US currently ahead. It is noteworthy that Qatar plans to expand its liquefaction capacity from the current 77 million to 142 million tons per year by 2027.
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