Page 7 - MEOG Week 35 2022

MEOG PIPELINES & TRANSPORT MEOG

Gas pipeline to Kish Island unveiled

IRAN NOW benefiting from a newly completed 127- (LPG) on the island.
km gas pipeline running from Iran’s Hormozgan “A total of $350 million was spent on laying
province, the Persian Gulf island of Kish is step- the gas pipeline and 28 million cubic metres of
ping up promotional efforts positioning itself as gas can be transported daily via the pipeline. This
Iran’s answer to Dubai and Doha. means the funds spent will be returned within a
Clearly, while Iran remains economically maximum of one year,” the minister told Iranian
handcuffed in many respects by heavy US sanc- media.
tions, the idea is not going to fly, but Kish, a top Kish, a 91.5 square-km island located off the
Iranian resort and also boasting a free trade coast of the southern Hormozgan province,
zone (FTZ) said by officials to have attracted for- offers numerous shopping malls, tourist attrac-
eign investment of $590mn so far, is poised for tions and resort hotels. It is possible for nation-
a huge shot in the arm should the Iranians and als of many countries to visit without a visa for
the major powers agree a new nuclear deal that stays of up to 14 days. Travel permits are issued
would see those sanctions lifted in return for the on arrival.
curbing of Tehran’s nuclear programme. Kish is also the location of an international
Launching the new pipeline on August 22, oil trading bourse and energy traders can take
Iran’s Oil Minister Javad Owji said it would gen- advantage of energy storage and shipping facili-
erate savings of around $400mn in consump- ties. Officials say there is also striking growth in
tion of oil products and liquefied petroleum gas Kish’s re-export business segment.™

PRICES & PERFORMANCE

SATORP reports net profits,

revenues up in H1-2022

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

Week 35 31•August•2022 www. NEWSBASE .com P7