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Gazprom believes Qatar's quagmire won't become 'catastrophe' for LNG market

"The European market is still separate from the markets of Asia and the US. The impact, if it emerges, won’t be so catastrophic," Gazprom says

© AP Photo/ Lukasz Szelemej

MOSCOW, June 6. /TASS/. The impact of the situation in Qatar on the liquefied natural gas market will not be catastrophic, Alexander Medvedev, deputy chairman of Gazprom's board, said at a press conference.

The European market is still separate from the markets of Asia and the US. The impact, if it emerges, won’t be so catastrophic," he assured.

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According to Medvedev, the export volumes of Qatari LNG are huge.

"If there are problems (with Qatar - TASS.), this may lead to extremely negative consequences for the price situation. For Asia, Qatari LNG is of great importance, "he said.

Qatar's diplomatic quagmire

Moscow is hopeful that the diplomatic crisis between Qatar and some other Arab states will not prevent Russia from maintaining relations with all the parties involved, Deputy Prime Minister Arkady Dvorkovich told reporters on the sidelines of the Startup Village forum.

"I hope that the situation will gradually improve," he said when asked if the diplomatic rift could affect Qatar’s Russian projects. "Any political issues influence (the global economy) but I am hopeful that we will be able to continue active cooperation with everyone," Dvorkovich added.

On Monday, Bahrain, Saudi Arabia, Egypt, the United Arab Emirates, as well as Yemen, the interim government of Libya, the Maldives and Mauritius announced that they would sever diplomatic ties with Qatar over Doha’s hostile policies, interference in other Arab countries’ internal affairs and support for terrorism. Some countries vowed to cut sea and air traffic to Qatar, as well as expel its diplomats and citizens. Qatar expressed regret over this decision calling it groundless.

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