Stocks Of Petronet LNG, GAIL Decline Up To 5% As Qatar Refinery Comes Under Attack

Amid concerns over the supply of natural gas, the stocks of companies like Petronet LNG and GAIL (India) declined on Thursday.

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The selloff came after Qatar reported attacks on its Ras Laffan refinery.

The stock of Petronet LNG opened over 2 percent lower on the bourses at Rs 285 compared to its previous close of Rs 291.30 apiece. During the day, the stock further declined to Rs 274.55, which was over 5.7 percent lower than the previous close. However, it reversed some losses later to rise to Rs 278 apiece but was still down 4.33 percent.

Qatar Condemns Iran's Attack On Ras Laffan Industrial City, Declares Iranian Diplomats 'Persona Non Grata' | Video

A similar trend was seen in India’s leading state-owned natural gas company, GAIL (India). The company’s stock opened 1.4 percent lower at Rs 148.8 compared to the previous close of Rs 151 apiece.

During the trading session, the stock declined further to Rs 146.10, a loss of 3.2 percent from the previous close.

With this, the stock traded close to its 52-week low of Rs 144.45, which it hit on Monday this week.

The sharp selloff in the stocks was triggered by the escalating war in West Asia, with the warring sides again hitting each other’s energy infrastructure.

Iran Missile Strike Hits Qatar’s Ras Laffan Gas Hub, Oil Prices Surge Above $108 Amid Rising Middle East Tensions

The Ras Laffan refinery is one of the world’s largest condensate processing facilities, producing liquefied natural gas, jet fuel, and gas oil. Qatar on Wednesday claimed that Iran’s strikes on the Ras Laffan Industrial City, the country’s main gas facility, caused significant damage.

“The State of Qatar expresses its strong condemnation and denunciation of the blatant Iranian attack targeting Ras Laffan Industrial City, which caused fires resulting in significant damage to the facility,” Qatar’s Ministry of Foreign Affairs said in a statement on Wednesday.

In a later statement early on Thursday, QatarEnergy said that several other LNG facilities had also been attacked, causing “sizeable fires and extensive further damage”.

With no signs of the war easing, energy prices have again surged to record highs.

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