LNG buyers in Asia rush for new supplies after Qatar production halt

Taiwan, which generates more than 40 per cent of its electricity from LNG and imports a third of its supply from Qatar, will buy more from the US and could coordinate with South Korea and Japan if a shipping blockade stretches on, its economy ministry said on Tuesday.

"We will continue moving in the direction we have been pursuing all along: obtaining sufficient quantities of energy through diversified markets," Taiwan Premier Cho Jung-tai said, adding that an "emergency response mechanism" had been activated to deal with the Qatari supply disruption.

Japan, which is the world's number two LNG importer and sources four per cent of its gas from Qatar, could tap the spot market or have utilities buy from each other if needed, its trade minister said.

In Bangladesh and Pakistan, industry officials likened the situation to the aftermath of Russia's 2022 invasion of Ukraine, when LNG prices spiked and supply was disrupted, causing prolonged power outages.