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Qatar and the UK 23, February 2011

Posted by thegulfblog.com in Qatar, UK.
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The British Prime Minister, David Cameron, was in Doha today. In addition to visiting Qatar University and giving a pithy little speech to members of the Qatar British Business Council, he also signed a £2 billion gas agreement with Qatar.

This one agreement on its own construes 10% of the UK’s annual gas demand. This also does not take into account the huge imports of Qatari gas to South Hook in Wales.

The Times of London notes that this agreement replaces and supercedes previous deals between Qatar and Centrica, which were done on the open ‘spot market’ according to whatever were the prevailing prices.

This, therefore, guarantees supplies for the UK, sales for Qatar and suggests that those who think that there is a gas-OPEC coming may need to re-think. One argument proposed by those fearing such a future was that Qatar’s huge LNG supertankers could be diverted from port to port to seek the best price. Yet, with a long-term contract established, such arbitrage cannot take place.

On a more personal note, the Gulf Blog would like to inform readers that their author here in fact had a chat with David Cameron today in Doha. So, you see loyal readers, you really are getting the latest news from the highest sources. During our hugely long-winded, lengthy, extended and in-depth…err…five-minute chat today we discussed several key issues of central relevance to the world economy if not world well-being. I am sure – rest easy reader – that he is now significantly better informed and will now…err…do loads of good stuff. Or something like that.

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Comments»

1. Paul - 24, February 2011

I shook his hand once. Meh.


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