Qatar Energy on Tuesday reported a 154.6 billion riyal ($42.47 billion) net profit for 2022, a 58 percent rise in a year when demand for liquefied natural gas surged following Russia’s invasion of Ukraine.Earnings jumped on higher revenues and income from its share of profits from associates and joint ventures, financial statements from the state energy firm show.Qatar is the world’s top LNG exporter and competition for the fuel has ramped up since the start of the Ukraine war, with Europe in particular needing vast amounts to replace Russian pipeline gas that used to make up almost 40 percent of its imports.Its bumper profits mirror those of other major oil and gas companies such as Exxon Mobil and Shell, which reported record profits last year of $56 billion and $40 billion respectively. (ICE Doha)

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