Saudi Arabia Participates in Global Entrepreneurship Congress in Australia

SPA
SPA
TT

Saudi Arabia Participates in Global Entrepreneurship Congress in Australia

SPA
SPA

Saudi Arabia is taking part in the Global Entrepreneurship Congress (GEC), held in Melbourne, Australia, between September 19 and 22, under the umbrella of the General Secretariat of the Gulf Cooperation Council (GGC).

The Small and Medium Enterprises General Authority (Monshaat) Vice Governor for Entrepreneurship Saud Al-Sabhan heads the Kingdom’s delegation that is made up of representatives of several public institutions and Saudi entrepreneurs.

Participating in the congress is bound to boost Saudi Arabia’s status as an important supporter of SMEs, as well as highlight efforts that the authority exerts in support of entrepreneurs and SMEs. It will also give an opportunity to entrepreneurs to network with global experts and specialists, and benefit from their expertise, through various programs and initiatives that Monshaat organizes.
The delegation, which includes several government institutions, including the ministries of investment, communications and information technology, environment, water and agriculture, and industry and mineral resources, is slated to discuss with representatives of international institutions important opportunities for SMEs and means to boost cooperation to develop entrepreneurship in the Kingdom.
The delegation is expected to visit Melbourne Entrepreneurial Center and the Hatch Quarter incubator and accelerator, which provide support and consultations to SMEs to help them expand and participate in global markets to attract investments.



Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
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Report: US Ready to Reopen Oil Stockpile if Petrol Prices Surge Again

FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo
FILE PHOTO: A view of the Phillips 66 Company's Los Angeles Refinery (foreground), which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, and storage tanks for refined petroleum products at the Kinder Morgan Carson Terminal (background), at sunset in Carson, California, US, March 11, 2022. REUTERS/Bing Guan/File Photo

The Biden administration is ready to release more oil from the US strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.

Senior Biden adviser Amos Hochstein told the newspaper that oil prices are "still too high for many Americans” and he would like to see them “cut down a little bit further.”

Hochstein, speaking to the FT said that the US would "continue to purchase into next year, until we think that the Strategic Petroleum Reserve (SPR) has the volume that it needs again to serve its original purpose of energy security."

The Energy Department this year has been buying about 3 million barrels of oil per month for the SPR after selling 180 million barrels in 2022 following Russia's invasion of Ukraine. The move was an effort to curb gasoline prices that spiked to more than $5.00 a gallon, but it also reduced the reserve to its lowest level in 40 years.

Earlier this month, Energy Secretary Jennifer Granholm told Reuters that the US could hasten the rate of replenishing the SPR as maintenance on the stockpile is completed by the end of the year.