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Qatar's Energy Minister, Saad al-Kaabi, is hopeful that the EU will address corporate concerns over its Corporate Sustainability Due Diligence Directive (CSDDD) by the end of December. Qatar has voiced opposition to the directive, highlighting fines of up to 5% of global revenue and stating it will not meet net-zero targets. Al-Kaabi cited strong future LNG demand driven by AI, with the North Field expansion set to raise output to 126 million tonnes by 2027. He also warned of potential real estate oversupply in the Gulf.
Qatar's Energy Minister, Saad al-Kaabi, expressed optimism that the European Union would resolve companies' concerns over its sustainability regulations before the end of December. Doha has voiced frustration over the EU's Corporate Sustainability Due Diligence Directive (CSDDD), which allows fines of up to 5% of a company's total global revenue for violations. The minister emphasized that Qatar does not plan to achieve net-zero emissions targets and has suggested that the dispute could affect gas supplies. Advertisement
Speaking at the Doha Forum, al-Kaabi highlighted that global gas demand is expected to remain strong, particularly due to energy requirements from artificial intelligence. He projected that liquefied natural gas (LNG) demand could reach 600-700 million tonnes annually by 2035. Qatar's North Field expansion is expected to produce 126 million metric tons of LNG per year by 2027, an 85% increase from its current output of 77 mtpa.
The minister also provided an update on the Golden Pass LNG project in Texas, a joint venture with ExxonMobil, noting that the first train is expected to start operations in the first quarter of 2026. On oil pricing, he stated that levels between USD 70 and USD 80 per barrel are sufficient for companies to invest in future energy needs, while prices above USD 90 could be excessive.
Al-Kaabi further cautioned about the rapid pace of real estate development in the Gulf, suggesting that oversupply could trigger a property bubble.
Source Reuters
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