British gas deal with Qatar sought as supplies are squeezed
The British government has approached Qatar to seek a long-term gas deal to shore up supplies as a natural gas shortage in Europe has led to soaring wholesale prices.
British ministers and their counterparts from the world's largest producer of liquefied natural gas (LNG) have held talks over a long-term arrangement where Qatar would become a "supplier of last resort”, Reuters reported.
Natural gas prices have spiked this year as economies reopened from COVID-19 lockdowns and high demand for LNG in Asia pushed down supplies to Europe - sending shockwaves through industries reliant on power.
Britain is pursuing a potential long-term deal given concerns over increased competition for LNG supplies with Asia, the report added.
Britain's energy sector is reeling under the soaring energy costs. British business energy supplier CNG Energy Ltd became the latest company to cease trading, joining 17 energy suppliers in the country that have gone bust since September.
British ministers and their counterparts from the world's largest producer of liquefied natural gas (LNG) have held talks over a long-term arrangement where Qatar would become a "supplier of last resort”, Reuters reported.
Natural gas prices have spiked this year as economies reopened from COVID-19 lockdowns and high demand for LNG in Asia pushed down supplies to Europe - sending shockwaves through industries reliant on power.
Britain is pursuing a potential long-term deal given concerns over increased competition for LNG supplies with Asia, the report added.
Britain's energy sector is reeling under the soaring energy costs. British business energy supplier CNG Energy Ltd became the latest company to cease trading, joining 17 energy suppliers in the country that have gone bust since September.
