The National Gas Company Group has announced a profit of $2.38 billion, maintaining a position of profitability for the year ended 31 December 2022.
This is just 5.2% lower than the $2.51 billion after-tax profit recorded in 2021, according to the 2022 summary consolidated financial statements
Chairman, Dr. Joseph Ishmael Khan, disclosed the NGC Group’s profitability was driven by high energy commodity prices, which were boosted by the upward trend of market prices for ammonia and natural gas liquids in 2022.
He also noted that as an integrated energy company, the Group was able to capture value across the natural gas value chain.
A statement said that the company worked collaboratively with Shell to progress the Manatee project and a Heads of Agreement was signed to commence joint modification of NGC’s Beachfield Facility, to accommodate gas from that field.
It also said NGC focused on the downstream to secure a stable supply of gas to the petrochemical and manufacturing industrial sectors.