Qatar Energy records big drop in profits amid expansion of LNG production plans
Date
6/26/2024 6:07:34 AM
(MENAFN) Qatar Energy Company announced on Tuesday that it achieved net profits of 101.9 billion riyals (USD27.96 billion) in 2023, marking a 32 percent decrease from the previous year. The decline in profits comes after an exceptional surge in gas prices in 2022, driven by the Russian-Ukrainian war. Despite the profit drop, Qatar, one of the world’s largest exporters of liquefied natural gas (LNG), has ambitious plans to expand its production capacity.
In February, Qatar revealed plans to increase its LNG production by an additional 16 million metric tons annually, which will enhance its original output goals. By 2030, Qatar aims to produce 142 million metric tons of LNG, up from the current 77 million tons. This expansion comes in response to the heightened competition in the global LNG market, particularly between Qatar and the United States. The competition has intensified as Europe seeks to end its reliance on Russian gas pipelines in the wake of the geopolitical conflict with Russia.
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