"China's Wanhua Chemical was the first to declare force majeure regarding petrochemical shipments to customers in the Middle East, citing "severe disruption of shipping routes in the Strait of Hormuz." Following this, Kuwait Petroleum Corporation took similar action for its crude and refined product exports. India's GAIL confirmed that its long-term supplier, Petronet LNG, had issued a similar notice due to shipping constraints."
"Even suppliers at the UAE's Fujairah bunker hub-the region's largest marine fuels centre-have halted deliveries, citing attacks on infrastructure that have made normal operations impossible. Major facilities, including Saudi Arabia's Ras Tanura refinery, have also paused production, leading to further bottlenecks in tanker traffic."
"This wave of force majeure declarations is directly related to US-Israel strikes on Iran and Tehran's retaliatory drone and missile attacks, which have disrupted output and closed key maritime routes. The impact is already being felt in global energy markets, as Asian benchmark gas prices have surged and analysts warn of widespread supply shortages for major importers."
Multiple oil and gas companies in India, China, Bahrain, and Kuwait have declared force majeure, citing unforeseen circumstances that make normal operations impossible or unreasonably dangerous. China's Wanhua Chemical initiated this wave, citing severe disruption of shipping routes in the Strait of Hormuz, followed by Kuwait Petroleum Corporation, India's Petronet LNG, and Bahrain's Bapco Energies. Drone attacks on refining facilities and infrastructure have forced suppliers at the UAE's Fujairah bunker hub and Saudi Arabia's Ras Tanura refinery to halt operations. The disruptions stem from US-Israel strikes on Iran and Tehran's retaliatory attacks, creating bottlenecks in tanker traffic. Asian benchmark gas prices have surged, and analysts warn of widespread supply shortages for major importers, with industry observers noting the unprecedented scale of this crisis.
Read at London Business News | Londonlovesbusiness.com
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