look news india
News India Live, Digital Desk: Amidst the increasing tension in the Middle East, a news has come which has increased the concern of the whole world including India. The horrific missile attacks on Qatar’s ‘Ras Laffan’ industrial city have created a stir in the global energy market. The ongoing conflict between Iran and Israel is now having a direct impact on gas prices and supply.
What is the whole matter?
Recently Israel attacked Iran’s ‘South Pars’, one of the world’s largest gas fields. In response to this attack, Iran fired missiles at ‘Ras Laffan’ located in Qatar. Let us tell you that Ras Laffan is the world’s largest Liquefied Natural Gas (LNG) complex.
5 years long wait and loss of $20 billion
Saad Sharida Al Kaabi, head of Qatar’s state-owned company ‘QatarEnergy’, has confirmed that the plant has suffered ‘extensive damage’ in the attack. He stated that:
Qatar’s LNG export capacity Huge decline of 17% Has come.
Due to this attack, approximately US$20 billion It is estimated that there will be a loss of revenue of Rs.
The most worrying thing is that it takes almost no time to compensate and repair this damage. 3 to 5 years It may take time.
Why did tension increase for India?
India meets almost all its needs 47%LNG Imports from Qatar alone. According to the data for the year 2024, India ordered a total of 27.8 million metric tons of gas, out of which 11.30 million metric tons came from Qatar. Now, due to disruption in production in Qatar and almost closure of the Strait of Hormuz, there may not only be a shortage of gas in India, but the prices of CNG and PNG in the domestic market may also skyrocket.
There will be an outcry globally
Qatar has made it clear that it can impose ‘Force Majeure’ on long-term contracts made with countries like China, South Korea, Italy and Belgium. This means that due to the emergency situation, Qatar will no longer be able to provide guaranteed supply of gas to these countries.