SATORP led by Aramco, Total reaches $382m profit in Q1 of 2022

Oil giant Aramco joint venture France’s Total Oil Co in SATORP company, which’s reach on Monday SR1.43 billion ($382 million) as a profit in the first quarter of 2022.

It managed to wipe out losses of SR621 million from the same period last year.

Therefore, its sales more than tripled to SR17.4 billion, according to a bourse filing.

The firm caused the enhanced results to “the enhanced refining and petrochemicals margins and higher productivity.”

SATORP is known as Saudi Aramco Total Refining and Petrochemical Co. Joint venture.

62.5 percent of the joint venture SATORP owned by Saudi Aramco and 37.5 percent owned by Total.