Sharp Rise in QatarEnergy's 2022 Net Profit

State-owned QatarEnergy said its full-year 2022 net profit rose 58% to 154.6 billion Qatari riyals (US$42.5 billion), compared to QAR 97.9 billion in 2021, state news agency QNA reported on Tuesday without giving details.

LNG prices surged following Russia'a invasion of Ukraine last year and Qatar, as the world's top LNG exporter, was a key beneficiary alongside the US. The company's North Field Expansion Project is part of efforts to increase LNG production capacity from 77 million tons per annum (Mtpa) to 126 Mtpa by 2027.

The Qatari Minister of Energy Saad al-Kaabi said at a conference last week that about 40% of all the new LNG that will come to the market by 2029 will be from Qatar due to its expansion project, which expects to deliver the first shipments in 2026.