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Trafigura says no impact on gas trading so far from Gulf crisis
June 7, 2017 / 9:15 AM / 4 months ago

Trafigura says no impact on gas trading so far from Gulf crisis

LONDON (Reuters) - A political dispute between Qatar and several Middle Eastern countries including Saudi Arabia has had no impact so far on Qatari gas exports, trading house Trafigura said on Wednesday.

“The developments in Qatar have so far not impacted at all our trading business. It’s much too early to say if there could be a disruption,” Trafigura Chief Financial Officer Christophe Salmon told Reuters.

“We generally see any geopolitical event as an opportunity for trading rather than a threat,” he added.

Several Middle Eastern countries, including Saudi Arabia, Egypt and the United Arab Emirates cut ties with the tiny Gulf state on Monday over what they say is Qatar’s support for terrorism, an accusation Qatar vehemently denies.

Trafigura has boosted its liquefied natural gas (LNG) trading aggressively in recent years and is a supplier of Qatari gas, including to Egypt.

“The LNG market is an oversupplied market ... the main focus is to secure customers,” Salmon said.

“Egypt has been a very good business for us - both on the gas and products side. Last year we had a very significant market share in Egypt. It is lower this year. It’s a profitable business but not without a risk, credit risk,” he added.

He said Trafigura planned to negotiate access to LNG volumes from Australia, the United States and Africa.

Reporting by Dmitry Zhdannikov; Editing by Dale Hudson

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