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World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
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World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)

 The World Economic Forum (WEF) announced, on Monday, the inclusion of Saudi Aramco’s Yanbu Refinery within the “Industrial Lighthouses” network, in appreciation of its efforts in the effective application of advanced technologies, which seek to provide many operational, commercial and environmental benefits.

According to a statement by Aramco, Yanbu Refinery is the fourth Aramco facility to be included in this global network, along with other major facilities, such as the Abqaiq oil processing plant, the Uthmaniyah Gas Plant, and the Khurais oil production facilities.

The statement added that the Yanbu Refinery is one of 21 new facilities added to the prestigious network, which now includes a total of 153 manufacturing facilities around the globe. Aramco is the only international energy company to be represented by more than two facilities.

“This new recognition by WEF reflects Aramco’s sustained focus on the development and deployment of state-of-the-art 4IR (Fourth Industrial Revolution) technologies, which enhance our operations and contribute to our sustainability objectives,” said Ibrahim Al-Buainain, Aramco Executive Vice President of Global Manufacturing.

He continued: “At Yanbu Refinery, we have successfully harnessed 4IR use cases to improve profits, increase production and expand processing capacity, while simultaneously reducing energy consumption, waste generation and gas emissions. Such achievements reinforce our position as a technology leader in our industry and highlight the benefits for our industry of adopting cutting-edge solutions.”

The Yanbu Refinery is part of the Saudi Aramco refining, chemicals and marketing portfolio, and one of the largest refining businesses in the world. It processes crude oil to produce refined products such as liquid petroleum gas, gasoline, diesel, jet fuel, kerosene, fuel oil and asphalt.

The refinery was operated on the western coast of the Kingdom in 1983, to meet local demand for refined products. Its initial design capacity of 170,000 barrels per day of Arab Light crude was later expanded to process 235,000 barrels per day of Arab Light.

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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.