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.



Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Slumps 3% as Trump's Tariffs Expected to Impede Demand

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell by over 3% on Thursday after US President Donald Trump announced sweeping new tariffs which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.

Brent futures were down $2.66, or 3.55%, to $72.29 a barrel by 0918 GMT US West Texas Intermediate crude futures were down $2.69, or 3.75%, to $69.02.

Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world's biggest oil consumer, with much higher duties on products from dozens of countries, initiating a global trade war that threatens to drive up inflation and stall US and worldwide economic growth, Reuters reported.

"The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20% tariff, but the final decision was more hawkish," Yeap Jun Rong, market strategist at IG, said in an email.

"For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs," he added.

Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.

UBS analysts on Wednesday cut their oil forecasts by $3 per barrel over 2025-26 to $72 per barrel, citing weaker fundamentals.

Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or impose retaliatory levies.

"Countermeasures are imminent and judging by the initial market reaction, recession and stagflation have become terrifying possibilities," said PVM analyst Tamas Varga.

"As tariffs are ultimately paid for by domestic consumers and businesses, their cost will inevitably increase impeding the rise in economic wealth."

In other news, US Energy Information Administration data on Wednesday showed US crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts' forecasts for a decline of 2.1 million barrels.

Market participants are also awaiting the outcome of an OPEC+ meeting on Thursday, which will discuss Kazakh output.