Aramco-Total JV SATORP narrows losses to $242m in 2021

RIYADH: SATORP, a joint venture between oil giant Aramco and France’s Total, narrowed losses by 65 percent in 2021.

Losses went down from as high as SR2.59 billion ($690 million) to SR908 million in 2021, according to a bourse filing.

This came as revenue soared 84 percent to SR41.7 billion during the year, said the company, formally known as Saudi Aramco Total Refining and Petrochemical Co.

The firm attributed the improved results to “better refining and petrochemical margins and higher processing capacity for the refinery.”