Economy
Gas will be needed for long time says Qatar, UAE
The world will need natural gas for a long time and more investment is required to ensure supply security and affordable prices during the global energy transition, the energy ministers of Qatar and the United Arab Emirates said on Saturday (14 January).
Saad al-Kaabi, Qatari state minister for energy, told the Atlantic Council Global Energy Summit that a mild winter in Europe had seen prices come down, but that volatility would remain “for some time to come” given there was not much gas coming into the market until 2025.
“The issue is what’s going to happen when they (Europe) want to replenish their storages this coming year and the next year,” he said.
Kaabi later told reporters that Qatar, which is working to expand its gas output, has limited volumes going to Europe that it would not divert away, “but there is a limit to what we can do”.
Qatar is one of the world’s top producers of liquefied natural gas (LNG). The UAE is an OPEC oil producer that is sharpening its focus on the gas market as Europe seeks to replace Russian energy imports after supply cuts since Western sanctions were imposed on Moscow over its invasion of Ukraine.
The Qatari minister said he believed that Russian gas would eventually return to Europe.
UAE Energy Minister Suhail al-Mazrouei, speaking on the same panel in Abu Dhabi, agreed that “for a very long time, gas will be there” and that while more renewable energy would be installed, more investment was needed in gas as a base load.
“The whole world needs to think of resources and how to enable companies to produce more gas to make it available and affordable,” Mazrouei said.
Kaabi said it was unfair for some in the West as part of its green energy push to say African countries should not be drilling for oil and gas when it was important for their economies and the world needed more supply.
Mazrouei said the “unclear” strategy of many countries made it difficult for them to commit to long-term gas contracts which in turn made it hard for energy companies to secure financing to invest in developing production capacity.
As competition for LNG heated up, Germany last year struck a 15-year supply deal for Qatar LNG from 2026, the first of its kind to Europe from Qatar’s North Field expansion project. QatarEnergy had signed a 27-year deal to supply China’s Sinopec.
Kaabi, who is also CEO of QatarEnergy, said negotiations were taking place with many players around the world.
“There are a lot of European and Asian buyers, and there is a potential that by the end of the year, the entire Qatar expansion will be sold out,” he said.
Qatar’s two-phase North Field expansion plan includes six LNG trains that will ramp up its liquefaction capacity from 77 million tonnes per annum to 126 million tonnes by 2027.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
