Qatar Energy said on Tuesday it had posted a net profit of 101.9 billion riyals ($27.96 billion) in 2023, down 32 percent from 2022 when gas prices jumped following the Russia-Ukraine war.
Qatar, one of the world’s largest exporters of liquefied natural gas, announced an additional increase in its LNG production in February that will raise its original plans by 16 million metric tons per year. Qatar aims to reach 142 million metric tons in 2030, compared with 77 million tons currently.
Competition in the LNG market between Qatar and the United States has intensified after Europe decided to end its dependence on the Russian gas pipeline following the Russian-Ukrainian war.
