Global trade in liquefied natural gas has doubled over the last decade and looks set to overtake pipeline gas trade before 2020. LNG is the only viable way of supplying most of the growing requirements of China and India, and the most obvious way of diversifying European supplies away from dependence on Russia. The growth in trade, however, also puts the spotlight on the sources of supply. Central to everything is the tiny Middle Eastern emirate of Qatar. The Roman deity Janus famously had two faces – one looking forward, one backwards. They represented the light and the dark; the good and the bad.

Source: blogs.ft.com

"Qatar’s importance will grow if the development of Iranian gas remains hampered by sanctions. Qatar already supplies more than a quarter of the UK’s daily gas imports and next year a new terminal will be commissioned at Swinoujscie in Poland which could supply not just Poland itself but also several of the Baltic and eastern European states which want to reduce their dependence on Russia.

The move is entirely logical but no one should be under any illusion that relying on Qatar instead of Moscow removes all the risks. Until Qatar decides which of its two faces really represents the country, buyers and investors have to beware. Moving from one unstable supplier to another does not represent a gain in energy security."

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