QatarEnergy Missile Strikes May Cause $100B Revenue Loss

In a statement posted on its website recently, QatarEnergy said it expects the damage to its Ras Laffan Industrial City caused by missile strikes to cost about $20 billion a year in lost revenue and to take up to five years to repair.

The company – which highlighted that the strikes occurred on March 18 and March 19 – outlined that the damage will impact supply to markets in Europe and Asia.

The attacks damaged two liquefied natural gas (LNG) producing trains – Trains 4 and 6 – totaling 12.8 million tons per annum (MTPA) of production, according to the statement, which pointed out that this represents approximately 17 percent of Qatar’s exports.

QatarEnergy noted that Train 4 is a joint venture between QatarEnergy, which holds a 66 percent stake, and ExxonMobil, which holds a 34 percent interest, and that Train 6 is a joint venture between QatarEnergy, which holds a 70 percent stake, and ExxonMobil, which holds a 30 percent interest. 

The attacks also targeted the Pearl GTL (Gas-to-Liquids) facility, according to the statement, which stated that this is a production sharing agreement operated by Shell that converts natural gas into high-quality cleaner burning drop-in fuels and produces base oils used to make premium engine oils and lubricants, and paraffins and waxes.

QatarEnergy outlined in its statement that there will be a loss of associated product production due to the outage as follows:  

• Condensates: 18.6 million barrels, which the company said is around 24 percent of Qatar’s exports.

• LPG: 1.281 million tons, which QatarEnergy highlighted is around 13 percent of Qatar’s exports.

• Naphtha: 0.594 million tons, which is around six percent of Qatar’s exports, according to the company.

• Sulfur:  0.18 million tons, which is around six percent of Qatar’s exports, QatarEnergy pointed out.

• Helium: 309.54 MCFA, which the company said is around 14 percent of Qatar’s exports.

Saad Sherida Al-Kaabi – the Minister of State for Energy Affairs, and the President and CEO of QatarEnergy – revealed in the statement that no one was injured by the strikes, which he described as not “just an attack on the State of Qatar but attacks on global energy security and stability”.

“This was an attack on all of us who stand for development and human progress that is sustained by a fair, reliable, and secure access to energy,” he added.

“The damage sustained by the LNG facilities will take between three to five years to repair. The impact is on China, South Korea, Italy and Belgium. This means that we will be compelled to declare force majeure for up to five years on some long-term LNG contracts,” he warned.

“The damage caused to one of the two trains at Pearl GTL is being assessed and is expected to be offline for a minimum of one year” Al-Kaabi continued.  

In the statement, Al-Kaabi went on to pay tribute to the Qatari military and security forces and to the energy sector emergency response teams.

A statement posted on QatarEnergy’s website on March 18 confirmed that Ras Laffan Industrial City had been the subject of missile attacks.

“Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused,” QatarEnergy said in that statement.

“All personnel have been accounted for and no casualties have been reported at this time,” it added.

In a follow up statement posted on its site on March 19, QatarEnergy confirmed that, in the early hours of March 19, “several” of the company’s LNG facilities “were the subject of missile attacks, causing sizeable fires and extensive further damage”.  

“Emergency response teams were deployed immediately to contain the resulting damage with no reported casualties,” the company added.

QatarEnergy said in a statement posted on its site on March 2 that, due to military attacks on its operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in the State of Qatar, the company had ceased production of LNG and associated products.  

“QatarEnergy values its relationships with all of its stakeholders and will continue to communicate the latest available information,” the company said at the time.

In a statement posted on its site on March 3, QatarEnergy said it was stopping the production of some downstream products in the State of Qatar, “including urea, polymers, methanol, aluminum and other products”.

In another statement posted on its website on March 4, QatarEnergy noted that, further to its announcement to stop production of LNG and associated products, the company had “declared Force Majeure to its affected buyers”.

QatarEnergy describes itself on its website as the “steward… of Qatar’s natural resources and the world’s largest provider of LNG”.

“Being geographically positioned between the world’s largest markets, we are able to deliver to our customers – whenever or wherever they need us – using the world’s largest fleet of LNG ships,” QatarEnergy’s site adds.

In a BMI report sent to Rigzone by the Fitch Group on Monday, analysts at BMI, a Fitch Solutions Company, noted that strikes on Qatar “further pressure[d]… gas markets”.

“We will be revising our 2026 forecast upwards for European gas prices up from EUR32 [$36.77]/MWh in light of the disruption to LNG supplies out of the Gulf, with a provisional range of EUR36-40 [$41/36-$45/96]/MWh for 2026, up from EUR36.4 [$41/84]/MWh in 2025, aligned with the view from our Country Risk analysts for a short-lived conflict followed by a retrenchment in prices,” the BMI analysts said in the report.

“Reports of extensive damage to Qatar’s Ras Laffan LNG complex have sent European gas prices sharply higher. Dutch TTF front month prices opened at EUR72.0 [$82.76]/MWh on March 19 2026 up from a close of EUR54.7 [$62.87]/MWh the day prior, while UK NBP rose to GBp178 [$2.36]/therm, up from GBp139.5 [$1.85]/therm,” they added.

“This follows reports from QatarEnergy that Iranian missile[s] struck Ras Laffan, the world’s largest LNG processing facility (MTPA), causing extensive damage to two of Qatar’s 14 LNG trains and one of its two gas-to-liquids facilities,” they continued.

“QatarEnergy CEO Saad al-Kaabi has claimed the damage will sideline 12.8 MTPA of LNG and that repairs will take 3-5 years to return to pre-war levels,” they said.

The BMI analysts went on to state that the U.S.-Iran war will continue to add risk premia to global natural gas price benchmarks.

“European and Asian markets will remain more exposed to war-related supply disruptions, keeping their price benchmarks elevated, while increases in the U.S. Henry Hub price should remain muted,” they noted.

“As of March 19, European TTF and Asian JKM benchmarks are trending substantially above pre-war levels, while Henry Hub prices have retreated below pre-war levels after an early spike in the first days of the conflict,” they added.

To contact the author, email andreas.exarheas@rigzone.com