Aramco-Total JV SATORP swings into profit of $382m in Q1

(SATORP)
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RIYADH: SATORP, a joint venture between oil giant Aramco and France鈥檚 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 鈥渢he improved refining and petrochemicals margins and higher throughput.鈥�

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.