TotalEnergies CEO Patrick Pouyanne told French lawmakers that the SATORP refinery in Saudi Arabia will not be fully repaired until early 2027.
Drone attacks in April damaged the facility, which currently operates at 70% capacity. The extended disruption will likely impact diesel and jet fuel supplies to Europe.
TotalEnergies' oil trading profits doubled to approximately $1 billion in the first quarter. Pouyanne attributed the surge to a crude buying spree conducted before the conflict with Iran.