Oman LNG's net profit rose 18 percent to $1.38 billion in 2010, due to slightly higher production and increase in international liquefied natural gas prices (LNG), its annual report said on Tuesday.

The company produced 8.8 million tons LNG last year compared to 8.6 million tons in 2009, according to the annual report.

"2010 saw a return of economic confidence and growth in the Asia-Pacific markets with which Oman LNG's fortunes are most closely linked," Oman LNG CEO Brian Buckley said in the report.

Oman produces LNG from three trains, or production facilities, which have the capacity to produce 10 million tons per year.

Oman LNG is 51 percent owned by the government of Oman. Royal Dutch Shell owns 30 percent, while France's Total and Japan's Mitsui also have stakes. - Reuters