Qatar has threatened to stop sending gas to the bloc if EU member states implement a law to combat forced labor and environmental damage.
Publish dateMonday 23 December 2024 - 00:31
According to Amac News: Qatari Energy Minister Saad Al-Kaabi said in an interview with the Financial Times that Doha will stop exporting its liquefied natural gas (LNG) to the bloc if EU members impose non-compliance fines on the scale set out in the company due diligence directive.
The law requires EU countries to fine companies for failing to meet a set ceiling, equivalent to five percent of their annual global revenue.
The Qatari energy minister said: "If I lose five percent of my income by going to Europe, I will not go to Europe. I am not bluffing. Five percent of the income generated by Qatar Energy means five percent of the income of the Qatari government. This is the people's money." So, I can’t afford to lose that kind of money, and nobody wants to lose that kind of money.
The European Union adopted the company rules in May this year. The rules are part of a wider set of reporting requirements aimed at aligning companies with the EU’s goal of reaching net-zero carbon emissions by 2050.
But the directive has faced a backlash from companies both inside and outside the EU, with some complaining that the rules are onerous and will hurt their competitiveness, according to Reuters.
The law requires EU countries to fine companies for failing to meet a set ceiling, equivalent to five percent of their annual global revenue.
The Qatari energy minister said: "If I lose five percent of my income by going to Europe, I will not go to Europe. I am not bluffing. Five percent of the income generated by Qatar Energy means five percent of the income of the Qatari government. This is the people's money." So, I can’t afford to lose that kind of money, and nobody wants to lose that kind of money.
The European Union adopted the company rules in May this year. The rules are part of a wider set of reporting requirements aimed at aligning companies with the EU’s goal of reaching net-zero carbon emissions by 2050.
But the directive has faced a backlash from companies both inside and outside the EU, with some complaining that the rules are onerous and will hurt their competitiveness, according to Reuters.
amacnews.com/vdci.qarct1ap5li2t.html
Source : news agency Reuters
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