Qatar's Energy Minister and CEO of QatarEnergy, Saad Al-Kaabi, has firmly refuted claims by US Treasury Secretary Scott Bessent that the strategically vital Strait of Hormuz will lose its economic and geopolitical significance within two years.
Speaking at the Qatar Economic Forum in New York City, Al-Kaabi directly challenged Bessent's remarks, made on the sidelines of a G20 meeting on September 1. Bessent had suggested that ongoing construction of bypass routes by various nations would render the crucial passage obsolete, stating, "In two years, the Strait of Hormuz will be like a worthless piece of water."
Al-Kaabi dismissed this view as "completely wrong." He highlighted the immense volume of trade, particularly energy shipments, that transits through the Strait of Hormuz, asserting that its role cannot simply become obsolete. "If you look at what the trade that we have through the Hormuz Strait, it cannot be obsolete," he stated.
Qatar's Commitment to Maritime Routes
Qatari officials underscore that the waterway's importance extends far beyond just oil and gas transit. Qatar’s Minister of Commerce and Industry, Sheikh Faisal Al-Thani, echoed Al-Kaabi's stance, emphasizing the fundamental reliance on sea-based shipping globally. "The reality of things is that 90 per cent of all shipping happens through the sea," Sheikh Faisal noted, pointing to the need for diversification rather than abandonment of key maritime corridors.
While some neighboring Gulf nations, like Saudi Arabia and the United Arab Emirates, are actively investing in projects to circumvent the Strait – including expanding Red Sea port capacity and pursuing a "Zero Hormuz" strategy – Qatar remains committed to its existing maritime routes. Al-Kaabi confirmed that Doha has no plans to construct alternative overland pipelines, citing commercial and technical decisions.
"We have decided not to do pipelines, and I think the decision in Qatar was based on commercial and technical, and we are only going to be using the straits," Al-Kaabi added, reinforcing Qatar's long-term reliance on the Strait of Hormuz for its energy exports and trade.