AlwaysFree: SATORP Posts Bigger Loss In July-September Quarte

Saudi Aramco Total Refining and Petrochemical Company (SATORP), a joint venture between state-owned Saudi Aramco and French energy giant Total, reported that its net loss increased by  62.8% year-on-year to SAR804.4 million ($214.4 million) during the July-September quarter of 2020. SATORP attributed the bigger loss to a decrease in refining and petrochemical margins caused by the current market conditions. The company’s revenue during the quarter also fell 26.5% year-on-year to SAR5.98 billion ($1.6 billion). For the first nine months of the year, SATORP’s losses deepened by 95.8% to SAR1.79 billion ($477.1 million).