PARIS - TotalEnergies (EPA:TTEF) (Paris:TTE) (LSE:TTE) (NYSE:TTE) has announced the celebration of its 50-year presence in Saudi Arabia, coinciding with French President Emmanuel Macron's state visit to the kingdom. The company emphasized its strategic energy partnership with Saudi Arabia, highlighting its multi-energy strategy and collaboration with Aramco (TADAWUL:2222), as well as its involvement in renewable energy projects.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, expressed pride in the company's long-standing relationship with Saudi Arabia and its commitment to contributing to the country's energy transition and sustainability goals, including the Green Initiative and Vision 2030.
The SATORP refinery, a joint venture between Aramco (62.5%) and TotalEnergies (37.5%), stands as TotalEnergies' largest refining and chemical platform globally, with a capacity of 460,000 barrels per day. In 2022, SATORP was pivotal in supporting France's energy security by supplying diesel when European sanctions limited Russian imports.
The Amiral petrochemical complex, representing an $11 billion investment and currently one-third complete, is scheduled to begin operations in 2027. The complex is expected to enhance the synergies with the SATORP platform.
TotalEnergies is also advancing in the renewable energy sector, with the Wadi Al Dawasir solar power plant set to be operational in early 2025, and the Rabigh 2 solar project, which is planned to connect to the grid in 2026. The company is developing additional small-scale solar projects for industrial and commercial customers through its subsidiary Safeer, in partnership with Al Taqa Zahid.
Furthermore, TotalEnergies, in collaboration with Aramco, is exploring the production of sustainable aviation fuels (SAF) from used cooking oil at SATORP by 2026. A joint project with Aramco and Saudi Investment Recycling Company (SIRC) is also underway to assess the development of a SAF production unit utilizing local circular economy residues.
This announcement is based on a press release statement from TotalEnergies, which outlines the company's ongoing projects and partnerships in Saudi Arabia as part of its broader commitment to sustainable energy development.
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