Oil Report

Qatargas mulls diverting Britain's LNG supply

DUBAI, June 10 (Reuters) - Qatargas is considering diverting liquefied natural gas (LNG) intended for Britain to other countries due to oversupply and poor demand in the UK, its chief executive said in a report published by the Gulf Times.

“The UK market is now saturated and we believe it will remain so in the short term,” Faisal al-Suwaidi told Wednesday’s edition of the Qatar based daily. “So we need to divert cargoes to markets which can absorb these.”

He said Asia was a potential market that could absorb the cargoes.

Qatargas is one of two majority-state owned producers in the world’s top LNG exporter. The Gulf Arab state of Qatar has the world’s third-largest gas reserves.