RIYADH: SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., has turned into profit of SR1.43 billion ($382 million) in the first quarter of 2022.
It managed to erase losses of SR621 million from the same period a year earlier as sales more than tripled to SR17.4 billion, according to a bourse filing.
The firm attributed the improved results to “the improved refining and petrochemicals margins and higher throughput.”
Formally known as Saudi Aramco Total Refining and Petrochemical Co., SATORP is 62.5 percent owned by Saudi Aramco and 37.5 percent owned by Total.
