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SATORP sees 63% higher loss in Q3 2020

November 13/2020

MOSCOW (MRC) -- SATORP, the parent company of Arabian Aramco Total Services Company, incurred net losses of SAR 804.4 million during the third quarter (Q3) of 2020, a year-on-year (YoY) rise of 62.8%, according to Chemweek.

The surge in quarterly loss resulted from a decrease in refining and petrochemical margins, driven by market conditions, according to a bourse disclosure on Monday.

Revenue for the July-September period of this year reached SAR 5.98 billion, down by 26.5% when compared to SAR 8.14 billion in the year-ago period.

In the first nine months of 2020, the companys losses deepened by 95.8% on a yearly basis to SAR 1.79 billion.

As MRC informed earlier, in July, 2018, SATORP (Saudi Aramco Total Refining and Petrochemicals Company)  selected Axens to evaluate, develop, and implement an Advanced Process Control (APC) system for its aromatics complex ParamaX producing high purity paraxylene (PX) and benzene.

PX is the main feedstock for the production of purified terephthalic acid (PTA), which, in its turn, is used to produce polyethylene terephthalate (PET). PET is used in the manufacturing of plastic bottles, films, packaging containers, in the textile and food industries.

According to MRC's ScanPlast, Russia's estimate PE consumption reached 52,71o tonnes in September 2020, down by 27% year on year. Overall PE consumption in Russia reached 530,750 tonnes in the first nine months of 2020, down by 22% year on year.

SATORP, located in Jubail, owns a 400,000-bpd refinery and petrochemicals units with a combined total of 1 MMtpy.


mrcplast.com
Author:Margaret Volkova
Tags:benzene, paraxylene (PX), PET-granulate, terephthalic acid, petrochemistry, packaging, Saudi Aramco Total Refining and Petrochemicals Company (SATORP), Russia, Saudi Arabia.
Category:General News
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