Qatar Energy chief refutes Besent: The Strait of Hormuz will never be "worthless"

According to information from Zhihui Finance APP, Qatar's Minister of Energy, Saad Al Kaabi, stated that the comments made by U.S. Treasury Secretary Scott Besant regarding the Strait of Hormuz becoming "worthless" within two years are "incorrect." Speaking at the Qatar Economic Forum held in New York on Sunday, Al Kaabi said, "That may be just his opinion. I think it is completely wrong."

Earlier this month, Besant made these remarks, saying that this crucial chokepoint for global oil trade, which has been largely impeded due to the war with Iran, would lose its importance as countries build bypass pipelines.

Besant stated on the sidelines of the G20 meeting on September 1, "In two years, the Strait of Hormuz will become an utterly worthless body of water."

Al Kaabi, who is also the CEO of QatarEnergy, said that the Strait of Hormuz is not only a vital route for oil and gas transport but also a critical transit passage for various types of trade.

"If you look at the trade we conduct through the Strait of Hormuz, it is impossible for it to be phased out," he said. "If this question comes up again, I can repeat to anyone: I think it will never become obsolete."

Qatar's Minister of Commerce and Industry, Sheikh Faisal Al Thani, echoed the Energy Minister's view, saying that this waterway will never lose its significance. "The reality is, 90% of shipping is conducted by sea," he said. "The key is diversification."

Al Kaabi also stated that Qatar currently has no plans to build new pipelines that bypass the Strait of Hormuz.

"We have already decided not to build pipelines. I believe Qatar’s decision is based on commercial and technical considerations, and we will only use the Strait," he said.

This decision comes amid rising regional infrastructure investment: Saudi Arabia is accelerating investments in Red Sea ports, while the UAE is advancing its multi-billion-dollar “Zero Hormuz” strategy, developing alternative routes that bypass this key waterway.

The Qatari government is a sponsor of the Qatar Economic Forum.