SATORP is a leading company in the refining and petrochemical sector in the Kingdom of Saudi Arabia, holding a strategic position in the Saudi financial market (Tadawul). Established in 2008 as a joint venture between two energy giants, Saudi Aramco and TotalEnergies, SATORP, or Saudi Aramco Total Refining and Petrochemical Company, began operations at its massive industrial complex in Jubail in 2013. It has since become one of the largest integrated projects in the Middle East in terms of production capacity and product quality, producing approximately 400,000 barrels of crude oil daily alongside advanced petrochemical products. This comprehensive article reviews everything related to SATORP, from ownership structure and operational activities to financial performance, challenges, and opportunities in the Saudi refining and petrochemical sector. The article adheres to governance standards and the regulations of the Capital Market Authority, aiming to provide in-depth educational content about the company without offering any investment recommendations. We will explore key financial indicators and the importance of SATORP in supporting Saudi Vision 2030, along with the latest developments and major local and global competitors.
History and Establishment of SATORP
SATORP (Saudi Aramco Total Refining and Petrochemical Company) was established in 2008 as a joint venture between Saudi Aramco, the largest oil company in the world, and TotalEnergies, one of Europe's largest energy companies. The establishment of the company was in response to the Kingdom's vision to maximize the added value from crude oil through refining and conversion into high-value petrochemical products. The city of Jubail was chosen as the site for the company's integrated complex due to its advanced industrial infrastructure and proximity to raw material sources and local and regional markets.
SATORP commenced commercial operations of its giant refinery and petrochemical complex in December 2013, targeting the production of high-quality fuels and petrochemical products that align with global market developments. The company represents a successful model of partnership between the Saudi and international sectors, with Aramco holding approximately 62.5% ownership while Total owns 37.5%. This alliance has contributed to the transfer of technical and managerial expertise and the development of the Kingdom's capabilities in advanced manufacturing industries.
Ownership Structure and Management at SATORP
SATORP has a balanced ownership structure between Saudi Aramco (62.5%) and TotalEnergies (37.5%), providing it with financial strength and strategic support from two of the largest energy companies globally. This partnership allows for the integration of local expertise and Saudi resources with Total's global technologies and management.
From a management perspective, SATORP follows the governance system adopted for companies listed in the Saudi financial market, being subject to direct oversight by the Capital Market Authority. The board of directors consists of representatives from major shareholders and independent members to ensure transparency and efficiency. The company is committed to disclosure policies, dividend distribution, and risk management in accordance with Saudi regulatory requirements, especially with a portion of shares (less than 5%) offered for public subscription.
Operational Activities and Production Areas at SATORP
SATORP features its integrated refinery in Jubail Industrial City, with a refining capacity of approximately 400,000 barrels per day of crude oil. The oil is converted into various petroleum products such as gasoline, diesel, fuel oil, Naphtha (NZK), and industrial oils. Additionally, the complex includes modern petrochemical units for producing olefins (ethylene and propylene) and aromatics (benzene and paraxylene) along with many petrochemical derivatives.
SATORP benefits from its strategic location in Jubail and its proximity to raw material sources (Aramco) to meet local and regional demand for fuel and chemical products. The company also employs advanced refining and processing technologies, enabling it to achieve high operational efficiency and reduce environmental impact.
SATORP's Position in the Saudi Financial Market (Tadawul)
SATORP is listed under the petroleum products and petrochemicals sector on the Saudi Tadawul platform, adhering to all governance and disclosure standards set by the Capital Market Authority. Local and foreign investors can trade the company's shares through the main market, complying with ownership rules and corporate governance regulations.
SATORP is characterized as a mid-cap company, and its listing in the market provides credibility and a high level of transparency in financial reporting and periodic disclosures. It also enjoys extensive media and analytical coverage from research firms and financial analysts in the Kingdom.
Key Financial Indicators for SATORP
Recent financial indicators for SATORP reflect strong and stable financial performance, supported by rising oil prices and improved refining and petrochemical margins in 2024. The stock price at the end of November 2025 was approximately SAR 11.20, with the company's market capitalization estimated at around SAR 11.3 billion, based on 1.01 billion outstanding shares.
Key indicators include:
- Price-to-Earnings Ratio (P/E): 12.5 times, which is attractive compared to the sector average.
- Dividend Yield: 4.2%, reflecting a regular dividend distribution policy and stable cash flows.
- Annual Revenue Growth Rate: 16% (2024 compared to 2023), while net profit recorded a growth of 20%.
These indicators illustrate the company's strong financial position and its ability to sustain and expand amid strong competition in the sector.
SATORP's Quarterly Results and Operational Performance Analysis
SATORP's fourth-quarter results for 2024 showed revenues of approximately SAR 8.5 billion and a net profit of SAR 1.05 billion, representing annual increases of 18% and 25%, respectively. This growth was driven by several factors:
- Rising prices of refined products and increased demand for petrochemicals.
- Operational efficiency in the industrial complex and the adoption of advanced technologies to reduce costs.
- Improved global refining margins, supported by rising crude oil prices.
Quarterly, the company witnessed a 5% improvement in sales and a net profit margin 10% higher compared to the previous quarter. This performance confirms SATORP's ability to leverage market variables and achieve positive results amid sector challenges.
SATORP's Role in Supporting Saudi Vision 2030 and Energy Strategy
SATORP represents a cornerstone in achieving the national strategy to maximize the added value from crude oil and support industrial development in the Kingdom. The company contributes to:
- Providing petroleum and petrochemical products that meet local demand and support manufacturing industries.
- Transferring modern technologies and localizing skills through its partnership with Total.
- Enhancing non-oil exports through high-value petrochemical products.
- Implementing best practices in environmental efficiency, reducing energy consumption and emissions.
SATORP's activities align with the objectives of Saudi Vision 2030, which focuses on economic diversification and enhancing the industrial sector's contribution to GDP.
The Refining and Petrochemical Sector in Saudi Arabia and SATORP's Position
The refining and petrochemical sector is a vital part of the Saudi economy, contributing significantly to GDP and providing quality job opportunities. Several local and global companies compete in this sector, with SATORP being one of the largest integrated projects, benefiting from the availability of local crude oil and government support.
Key products in the sector include gasoline, diesel, industrial oils, olefins, aromatics, polymers, and other chemical derivatives. Companies face competitive challenges from regional and global refineries, in addition to the necessity of complying with environmental standards and international specifications.
Local and Global Competition Facing SATORP
SATORP faces strong local competition from Aramco refineries (Ras Tanura, Yanbu, Jazan), YASREF (Yanbu), PetroRabigh, and SABIC in petrochemical products. Regionally, it competes with Gulf companies such as BAPCO (Bahrain) and Petrochem (UAE), while globally, it faces competition from major companies like ExxonMobil and BASF.
SATORP benefits from its position within the Aramco network, ensuring a steady supply of raw materials and relatively lower costs, along with government support. At the same time, competition necessitates continuous innovation and product development to keep pace with changes in global demand and prices.
Recent News and Developments at SATORP (2024-2025)
SATORP has witnessed several significant developments during 2024 and 2025:
- Announcement of a temporary shutdown of the Jubail refinery in early 2026 for maintenance and strategic upgrades, while petrochemical units continue to operate.
- New investments worth SAR 3 billion to expand production units, enhance energy efficiency, and reduce emissions.
- Strong stock performance in 2024 with fluctuations linked to global oil prices.
- Signing of technical partnerships with Indian and international companies to improve operational efficiency.
These developments reflect the company's commitment to adapting to market changes and investing in the future to ensure sustainability and competitiveness.
Governance and Transparency Policies at SATORP
SATORP is committed to sound governance and transparency policies mandated by the Capital Market Authority, adopting a regular and transparent disclosure system for financial results, distributions, and any strategic developments. The board of directors includes representatives from Aramco and Total, as well as independent members, with specialized committees for governance, risk, and auditing.
The company prioritizes adherence to dividend distribution policies in accordance with Saudi regulations and places significant importance on managing operational and financial risks, as well as the continuous development of human resources. This commitment enhances investor confidence and positions it as an attractive company in the industrial sector.
Expansion and Sustainability Strategy at SATORP
SATORP's future strategy focuses on expanding the production of high-value-added petrochemicals and developing new production units for olefins and methanol. It also aims to partner in hydrogen production projects and specialized chemical products with support from its partner Total.
The company places great importance on environmental sustainability by reducing emissions and adopting energy-saving technologies. It also invests in developing Saudi competencies and enhancing local content. These strategic steps aim to ensure continued growth and achieve competitive excellence in the long term.
Future Challenges and Opportunities for SATORP
SATORP faces challenges such as fluctuations in crude oil prices, regional and global competition, and the need to comply with environmental requirements. Conversely, the company has significant opportunities due to the support of Aramco and Total, the expansion of manufacturing industries in the Kingdom, and the increasing regional demand for petrochemical products.
The company's ongoing investment in technological development and expanding its product base can enhance its market position and allow it to capitalize on modern trends in the energy sector and the shift towards a circular economy.
Conclusion
SATORP is an advanced model of industrial partnership between Saudi Aramco and TotalEnergies, playing a pivotal role in the Saudi refining and petrochemical sector. With its integrated industrial structure, stable financial performance, and transparent governance policies, the company has managed to maintain its competitiveness in a rapidly changing market. It is always essential to monitor official financial reports and regulatory developments when making any investment decision. The SIGMIX platform provides in-depth and updated analyses of SATORP's stock and other industrial sector stocks, but it is always advisable to consult a licensed financial advisor before entering any investment, to ensure decisions are based on a thorough and comprehensive study of risks and opportunities.
Frequently Asked Questions
SATORP is the Saudi Aramco Total Refining and Petrochemical Company, a joint venture between Saudi Aramco and Total. It has an integrated refinery in Jubail Industrial City with a capacity of 400,000 barrels per day, producing gasoline, diesel, industrial oils, and a wide range of petrochemicals such as ethylene, propylene, benzene, and paraxylene. The company aims to increase the added value from crude oil through the production of high-quality fuels and chemical products.
Yes, SATORP is listed in the Saudi financial market (Tadawul) under the petroleum products and petrochemicals sector. The trading symbol for the stock is 1111. The stock price and company performance can be monitored through the Saudi Tadawul platform, where the company complies with all disclosure and governance standards set by the Capital Market Authority.
According to the latest official data in November 2025, the price of SATORP's stock is approximately SAR 11.20. The company's market capitalization is estimated at around SAR 11.3 billion, based on its outstanding shares of approximately 1.01 billion. These values change daily based on market trading.
The current Price-to-Earnings (P/E) ratio for SATORP is approximately 12.5 times, which is a competitive rate within the refining and petrochemical sector. The annual dividend yield is estimated at around 4.2% of the stock's value, reflecting a regular and suitable dividend distribution policy for shareholders, in compliance with the policies of the Saudi Capital Market Authority.
SATORP achieved revenues of SAR 8.5 billion and a net profit of SAR 1.05 billion in the fourth quarter of 2024. This represents an annual growth of 18% in revenues and 25% in net profit compared to the same period last year. This performance was driven by improved refining margins and increased demand for petrochemical products.
SATORP focuses on enhancing the production of high-value-added petrochemicals, improving operational efficiency, and investing in clean energy projects such as green hydrogen. Its partnership with Total enhances its technical and managerial capabilities, and the company aims to expand into specialized chemical products to ensure sustainable growth and mitigate the impact of oil price fluctuations.
Local competition includes Aramco refineries (Ras Tanura, Yanbu, Jazan), YASREF, PetroRabigh, and SABIC in petrochemical products. Regionally, it competes with Gulf companies such as BAPCO (Bahrain) and Petrochem (UAE). Globally, it faces competition from major companies like ExxonMobil and BASF in petrochemical products and global markets.
So far, there have been no official announcements regarding plans to increase SATORP's capital or issue new shares. Any future decisions in this regard will be subject to the approval of the Saudi Capital Market Authority and market conditions, and it is advisable to regularly monitor official disclosures through the Tadawul website.
SATORP's stock performance is directly linked to global oil prices, as price fluctuations affect refining margins and profitability. When oil prices rise and demand for petrochemical products increases, the company's results often improve, positively impacting the stock price, and vice versa in the case of price declines or reduced demand.
SATORP contributes to achieving Saudi Vision 2030 by supporting economic diversification and increasing the industrial sector's contribution to GDP. The company works on developing manufacturing industries, creating job opportunities for Saudis, and exporting high-value petrochemical products, enhancing the Kingdom's position as a regional and global industrial hub.