TotalEnergies-Aramco refinery pauses operations after damage

(Sharecast News) - TotalEnergies has announced that it has now shut down 15% of group output, with activities in Qatar, Iraq and offshore UAE being impacted by the conflict in the Middle East, including a refinery in Saudi Arabia which was damaged earlier this week. The French company's jointly owned Satorp refinery complex in Saudi Arabia was forced to shut down operations after damage to one of its two processing trains earlier in the week. TotalEnergies owns 37.5% of Satorp, with state-owned Aramco owning the rest.

"TotalEnergies is continuing to monitor the evolution of the situation on the ground and will update you in case of material change of the above," the French energy major announced on its investor relations site.

Despite the setback, TotalEnergies said that most production growth is expected to come from outside the Middle East this year, and that current elevated oil prices more than offset the loss of production across the Gulf.

"An $8/b increase in the Brent price is enough to offset the expected 2026 CFFO from our Iraq, UAE offshore and Qatar assets at $60/b," the company said.

Paris-listed shares of TotalEnergies were down 1.8% at €77.42 by 1427 BST.