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Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

Can’t rescue Europe alone if Russia cuts gas, says Qatar

The contract was awarded to the consortium on 19 December 2022 in the 1st Cycle Permanent Offer round. (AFP)
  • But the minister, Saad al-Kaabi, told EU Energy Commissioner Kadri Simson that Qatar was ready to help Europe "in times of need".
  • The Ukraine crisis was a key topic in a meeting on Monday between US President Joe Biden and Qatar's Emir Sheikh Tamim bin Hamad Al-Thani.

Qatar’s energy minister told the European Union on Tuesday that his country could not rescue Europe alone if Russia turned off gas supplies amid spiking tensions over Ukraine.

But the minister, Saad al-Kaabi, told EU Energy Commissioner Kadri Simson that Qatar was ready to help Europe “in times of need”.

The United States has raised the possibility of Qatar, one of the world’s leading gas producers, supplying Western European nations in talks, officials said.

The Ukraine crisis was a key topic in a meeting on Monday between US President Joe Biden and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani.

In a video conference, Kaabi told the EU official that Qatar hoped the tensions in Europe could be resolved through diplomacy.

“Qatar stands ready to support our partners around the world in times of need,” he said.

But “the volume of gas needed by the EU cannot be replaced by anyone unilaterally, without disturbing supplies to other regions around the world. Europe’s energy security requires a collective effort from many parties,” he added.

Qatar has said it is already working at full production and experts have said Europe could only get emergency supplies if key customers in East Asia, including Japan and South Korea, agreed to divert some of their consignments.

The United States has also spoken with Australia about providing gas and could provide its own natural gas.

Without mentioning any special deliveries, Kaabi said Qatar was proud “to have never missed a single cargo delivery for the last 25 years to all our partners around the world”.

“Keeping our contractual word is sacrosanct in Qatar, and therefore we have the full trust of our global commercial partners and buyers.”

Industry experts have warned that European consumers, already reeling from high prices for natural gas, would have to pay even more for the special deliveries.