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RIYADH: SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., swung to profits of SR4.5 billion ($1.2 billion) in the first half of 2022.
It managed to erase losses of SR1.03 billion from the same period a year earlier as sales more than doubled to nearly SR40 billion, according to a bourse filing.
The firm attributed the positive results to improved refining and petrochemicals margins compared to a year earlier.
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.