RIYADH: SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., swung to profits of SR7 billion ($2 billion) in the first nine months of 2022.
It managed to erase losses of SR1.2 billion from the same period a year earlier as sales more than doubled to nearly SR59 billion, according to a bourse filing.
The firm has also outperformed in the third quarter of the year, earning SR2.2 billion in profit, compared to SR130 million in losses during the same period last year.
It 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.
