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.



Gold Falls as Easing US-China Tensions Curb Safe-haven Demand

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Falls as Easing US-China Tensions Curb Safe-haven Demand

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold retreated on Monday as easing US-China trade tensions boosted investors' risk appetite and dented demand for safe-haven assets such as bullion, while a stronger dollar also piled on the pressure.

Spot gold was down 0.8% at $3,292.43 an ounce, as of 0431 GMT. Bullion hit a record high of $3,500.05 on April 22.

US gold futures rose 0.2% to $3,303.70.

The dollar rose 0.2% against a basket of currencies, making bullion more expensive for overseas buyers, Reuters reported.

"It's probably fair to say that financial markets and risk-assets in particular are feeling slightly better about the tariff picture now compared to the frantic first week in April," KCM Trade Chief Market Analyst Tim Waterer said.

"Comments last week from the White House have fueled optimism that a US-China trade deal may eventuate, which has caused safe-haven demand for assets such as gold to subside."

US President Donald Trump has said talks on tariffs were taking place with China.

The Trump administration signaled openness last week to de-escalating a trade war between the world's two largest economies that has raised fears of recession.

On Friday, China exempted some US imports from its steep tariffs, though China quickly knocked down Trump's assertion that negotiations were underway.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest rate environment.

Meanwhile, many participants in the International Monetary Fund and World Bank Spring Meetings said Trump's administration was still conflicted in its demands from trading partners hit with his sweeping tariffs.

Key data releases this week include the US job openings report on Tuesday, Personal Consumption Expenditures on Wednesday, and the non-farm payrolls report on Friday. These reports may provide more insight into the Federal Reserve's monetary policy outlook.

Spot silver dropped 0.6% to $32.88 an ounce, platinum eased 0.2% at $969.73 and palladium lost 0.6% to $943.28.