British orders of liquefied natural gas (LNG) from Qatar continue as scheduled, despite the GCC’s ongoing blockade against Doha, which is approaching its 90-day mark.Just in the past four weeks, British ports have received one million meters worth of scheduled gas orders, according to the Middle East Monitor. Qatar supplies 20% of Britain’s natural gas.
Doha dodged the worst logistical obstacles of the blockade by shifting its main export hub from the United Arab Emirates to Oman when the row first became public. Now, Qatar’s energy leaders are optimistic, feeling the ordeal has made the country’s logistics more robust.
Qatar’s wealth plays a large role in preventing it from surrendering to Riyadh’s will. The country’s central bank has $40 billion in cash reserves plus gold, while the Qatar Investment Authority (QIA) has $300 billion in reserves that it could liquidate, the Governor of Qatar Central Bank, Sheikh Abdulla Bin Saud Al-Thani, told CNBC in an interview in early July, one month into the blockade.
Source Credit: OilPrice.com
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