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QatarEnergy declares force majeure on LNG contracts | The Express Tribune
Iranian attacks had knocked out 17% of Qatar’s LNG export capacity, causing around $20b in lost annual revenue
A hydrocarbon facility in Qatar. PHOTO: oilandgasmiddleeast.com
QatarEnergy on Tuesday declared force majeure on some of its affected long-term liquefied natural gas (LNG) supply contracts, with counterparties including customers in Italy, Belgium, South Korea, and China.
Iranian attacks had knocked out 17% of Qatar’s LNG export capacity, causing an estimated $20 billion in lost annual revenue and threatening supplies to Europe and Asia, QatarEnergy’s CEO and state minister for energy affairs told Reuters in an interview last week.
Saad al-Kaabi said two of Qatar’s 14 LNG trains and one of its two gas-to-liquids (GTL) facilities were damaged in the unprecedented strikes. The repairs will sideline 12.8 million tonnes per year of LNG for three to five years.
“I never in my wildest dreams would have thought that Qatar would be — Qatar and the region — in such an attack, especially from a brotherly Muslim country in the month of Ramazan, attacking us in this way,” Kaabi said.
Read More: US to continue Iran strikes, pause applies only to energy sites, Semafor reports
State-owned QatarEnergy would have to declare force majeure on long-term contracts for up to five years for LNG supplies bound for Italy, Belgium, South Korea, and China due to the two damaged trains, Kaabi had said.
“I mean, these are long-term contracts that we have to declare force majeure. We already declared, but that was a shorter term. Now it’s whatever the period is,” he said.
QatarEnergy had declared force majeure on its entire output of LNG, after earlier attacks on its Ras Laffan production hub.
“For production to restart, first we need hostilities to cease,” he said.
US oil major ExxonMobil is a partner in the damaged LNG facilities, while Shell is a partner in the damaged GTL facility, which will take up to a year to repair.
Texas-based ExxonMobil holds a 34% stake in LNG train S4 and a 30% stake in train S6, Kaabi said.
Train S4 impacts supplies to Italy’s Edison and EDFT in Belgium, while Train S6 impacts South Korea’s KOGAS, EDFT and Shell in China.
The scale of the damage from the attacks has set the region back 10 to 20 years, he said.
“And of course, this is a safe haven for a lot of people, to have a safe place to stay and so on. And that image, I think, has been shaken.”
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Hetero rolls out generic semaglutide exports to over 75 countries – The Times of India
Hyderabad: Pharma player Hetero on Friday said it has rolled out exports of its generic semaglutide injection portfolio as part of a multi-year plan to widen access to treatments for type 2 diabetes and obesity in more than 75 countries.The Hyderabad-based pharmaceutical company said initial rollouts are under way in Africa, Asia and the Middle East, with additional launches planned in other markets subject to regulatory approvals.The injectable therapies will be sold under the brand names Truglyx, Rolmodl and Moto G. Semaglutide belongs to the GLP-1 class of medicines, which are used in diabetes care and weight management.Hetero said the export launch is part of its broader strategy to improve access to advanced cardio-metabolic therapies, particularly in emerging markets.The company said the products will be offered in multi-dose disposable pen devices designed in line with innovator formats and will be available in several strengths, including 0.25 mg, 0.5 mg, 1 mg, 2 mg, 1.7 mg and 2.4 mg, allowing dosing flexibility for both diabetes and obesity treatment.Hetero said it is also awaiting approval from India’s Central Drugs Standard Control Organisation (CDSCO) after completing clinical trials in type 2 diabetes and obesity and plans an India launch after regulatory clearance.Hetero managing director Dr Vamsi Krishna Bandi said the company aims to provide high-quality, affordable generic semaglutide through a single global product platform backed by its manufacturing and development capabilities.He said Hetero would use its commercial networks across Asia, the Middle East, Africa and Latin America to support supply and access. The Hyderabad-headquartered Hetero operates in more than 145 countries and employs over 30,000 people.
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India-US trade deal update: Piyush Goyal meets USTR Jamieson Greer, discusses next steps in BTA talks – The Times of India
Commerce and industry minister Piyush Goyal on Friday met US Trade Representative Jamieson Greer and reviewed the next steps in negotiations for the proposed India-US bilateral trade agreement (BTA).The meeting took place on the sidelines of the 14th ministerial conference (MC14) of the World Trade Organisation in Yaounde, Cameroon, where both sides also exchanged views on issues related to the WTO agenda.“Had a very productive discussion with @USTradeRep Jamieson Greer on the sidelines of the WTO Ministerial Conference. Exchanged views on the #WTOMC14 agenda, next steps in the India-US BTA negotiations and explored ways to further deepen our economic cooperation and bilateral trade ties,” Goyal said in a social media post.The development comes amid ongoing efforts by both countries to finalise an interim trade pact. Last month, India and the US announced that they had finalised a framework for the first phase of the agreement, though it is yet to be signed.The two sides had earlier announced a trade deal on February 2, followed by a joint statement on February 7 outlining the contours of the agreement.As part of the framework, the US had agreed to reduce tariffs on Indian goods to 18%. However, the tariff structure has since undergone changes after the US Supreme Court struck down sweeping tariffs imposed under earlier measures.Following the ruling, US President Donald Trump introduced a 10% tariff on all countries for a period of 150 days starting February 24.In view of these developments, a planned meeting between chief negotiators of India and the US — aimed at finalising the legal text of the agreement — has been postponed. The pact was earlier expected to be signed this month.An official had earlier said that the interim trade agreement would be signed once the new global tariff framework of the US is fully in place.
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