Online published on 3 August, 2013.
The Middle East in general and Iran and Qatar in particular with their huge hydrocarbon resources have gained in importance in recent years. While oil still accounts for a large share of the global energy mix, factors like declining reserves, high finding costs, risky and unstable regions and the promotion of clean fuel have encouraged the large-scale use of natural gas. Whereas Iran is facing an energy crisis due to UN and US imposed sanctions, Qatar has succeeded in engaging major oil corporations to develop its LNG and gas-toliquid ventures, thereby becoming the largest exporter of LNG in the world. This article examines the gas trade and its significance for global energy security. Asian giants like China, India and South Korea have growing economies and import the bulk of their energy needs. India's energy deficiency has exceeded 75 per cent and, given the pressure to reduce carbon emissions, natural gas has become a favourite fuel of choice. However, with many stakeholders in the market, India's competency to outmanoeuvre other investors will be tested.
