Page 6 - DMEA Week 35 2022

DMEA COMPANIES DMEA

SATORP reports net profits,

revenues up in H1-2022

MIDDLE EAST SAUDI Aramco Total Refining and Petro- company earned a net profit of SAR3.08bn
chemical Company (SATORP), a downstream ($820.1mn) after tax and zakat, compared with
joint venture majority-owned by Saudi Arabia’s a net loss of SAR409.82mn ($109.12mn) in the
national oil company (NOC), reported last week same period of last year. Its revenues amounted
that its profits and revenues had both increased to SAR22.19bn ($5.91bn) in the April-June
significantly in the first half of 2022. period, marking a 103% rise on the figure of
In its initial income statement, SATORP said SAR10.93bn ($2.91bn) posted in the same inter-
it had earned a net profit of SAR4.51bn ($1.2bn) val of 2021.
after tax and zakat in the January-June period, Equity in SATORP is split 62.5% to Saudi
against a net loss of SAR1.03bn ($274.25mn) Aramco and 37.5% to TotalEnergies (France).
in the same interval of last year. Meanwhile, the The joint venture operates an oil-refining and
company’s revenues amounted to SAR39.54bn petrochemical complex in Jubail that has a
($10.53bn) in the first half of 2022, up by throughput capacity of 440,000 barrels per day
135.97% on the year-ago figure of SAR16.75bn (bpd). ™
($4.46bn).
This put earnings per share (EPS) at SAR5.47
($1.46) for the first half of the year, up from the
net loss per share of SAR1.25 ($0.33) recorded in
the same period of 2021.
SATORP also provided a quarterly break-
down of its first-half results, saying that it had
earned a net profit of SAR1.43bn ($380.76mn)
after zakat and tax in the first three months of the
year, compared with a net loss of SAR620.91mn
($165.33mn) in the same period of 2021. The
company’s revenues reached SAR17.35bn
($4.62bn) between January and March, up by
198% on the previous year’s figure of SAR5.83bn
($1.55bn).
In the second quarter, meanwhile, the Saudi Aramco and TotalEnergies are SATORP’s shareholders (Image: SATORP)

Senegal’s president sees Phase 2 of LNG

production starting at GTA in 2024 or 2025

AFRICA MACKY Sall, the president of Senegal, said on Phase 1 and 5mn tpy in Phase 2, perhaps rising
September 1 that he expects BP (UK) to launch in stages later to 10mn tpy. The reasons for the
the second phase of its natural gas and LNG discrepancy were not immediately clear.)
development project at the offshore Greater The president also reported that the compa-
Tortue/Ahmeyim (GTA) block in 2024 or 2025. nies would not be waiting to launch Phase 2 and
Speaking on the opening day of the MSGBC would start work on the next part of the project
Oil, Gas & Power 2022 conference in Dakar, shortly after bringing Phase 1 online in 2023.
Sall said BP and its US-based partner Kosmos “Phase 2 ... will come immediately after Phase
Energy anticipated spending $5bn on Phase 2, 1,” he stated. He did not say when the project’s
which will boost the volume of LNG produced shareholders were likely to make a final invest-
from GTA gas to 5mn tonnes per year (tpy) to ment decision (FID) on Phase 2 of the project.
10mn tpy. (His figures are at odds with those US-based Kosmos stated recently that they
previously stated by the investors, which have hoped to reach this milestone by the end of the
said they aim to produce 2.5mn tpy of LNG in third quarter of 2022.

P6 www. NEWSBASE .com Week 35 01•September•2022