QatarEnergy keeps control

First expansion supply deals illustrate commitment to maintaining its grip of LNG volumes along the value chain

Concern over duration of demand is one explanation as to why portfolio players and Asian utilities have been keener than those with European end-user commitments when it comes to the surge in interest in LNG SPAs following Russia’s invasion of Ukraine. The theory goes that Europe’s utilities see too much risk in committing to deals lasting ten or more years, given the uncertainty over Europe’s post-2030 gas requirements. In this scenario, global portfolio players—which have signed up to 26.7mn t/yr of supply since late February—play a bridging role, able to bring gas to Europe while it still needs it and can provide the market signals to attract it, then finding alternative homes for it as a