QatarEnergy, a state company, obtained a $3 billion loan from four Chinese banks. This is a sign of financial pressure on Qatar due to the continued war between the United States and the Islamic Republic.

According to Bloomberg, citing people familiar with the matter, the China Development Bank, the Industrial and Commercial Bank of China, the Agricultural Bank of China, and the Asia unit of the China Construction Bank were the lenders for this five-year facility.

Chinese banks’ lending to Gulf countries increased by more than fivefold last year, reaching a record of $11.5 billion.

QatarEnergy is one of the largest suppliers of liquefied natural gas, but due to the war it has been forced to cancel scheduled shipments to its customers in Europe and Asia.

Qatar shut down Ras Laffan facilities, the world’s largest liquefied natural gas export plant, after attacks by the Islamic Republic in Esfand (February–March) and reduced the flow through the Strait of Hormuz.