SABIC Introduces ‘Smart’ Techniques to Increase Farmer Productivity

SABIC Introduces ‘Smart’ Techniques to Increase Farmer Productivity
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SABIC Introduces ‘Smart’ Techniques to Increase Farmer Productivity

SABIC Introduces ‘Smart’ Techniques to Increase Farmer Productivity

Saudi Basic Industries Corporation (SABIC) has introduced a series of smart techniques and practices that help farmers enhance efficiency, production and profits.

This presentation was made during the company's participation in the 25th Arab Fertilizer Forum and Exhibition that concluded in Cairo on Thursday.

SABIC showcased the pioneering researches at its subsidy Estidamah Agricultural Research Center in Riyadh, established in 2008. Raddy Alfaridi, Director of Communications, Marketing and Public Affairs at the center, presented a lecture on Estidamah researches regarding the efficiency of water usage in modern agricultural greenhouses.

This falls in line with the center’s efforts in increasing production to promote food security in the Kingdom through its research on conditions most suitable for crops.

The company also shed light on its guiding agricultural convoy in which more than 7,000 farmers from around 120 sites in the MENA region took part last year.

This event was launched end of 2018 in cooperation with the Arab Fertilizer Association, the Saudi Ministry of Environment, Water and Agriculture, and relevant departments to enrich the technical knowledge of farmers.

Engineer Samir Al-Abdrabbuh, Agri-Nutrients Executive Vice President, affirmed that SABIC has been working for the past 25 years with the Arab Fertilizer Association and its farmer members to face modern agricultural challenges and to enhance the food supplies in MENA and the world.

Abdrabbuh noted that the company’s scientists continue to develop innovative solutions to increase crops.

He added that SABIC’s contributions are not restricted to lab experiments but extend to the exchange of expertise.

SABIC dedicates time and efforts for visiting fields, communicating with farmers and helping them acquire the required skills and benefit from the company’s solutions, said Abdrabbuh.

The 25th Arab Fertilizer Forum and Exhibition saw the attendance of more than 500 officials from 130 organizations from 30 states.



Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
20

Oil Extends Climb on Supply Fears, Trade War Concerns Cap Gains

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices inched higher on Tuesday after threats by US President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.

Brent futures rose 21 cents, or 0.3%, to $74.98 a barrel at 0645 GMT, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $71.70.

The contracts settled at five-week highs a day earlier.

"Near-term risks are skewed to the upside, with US threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies," said Yeap Jun Rong, market strategist at IG, Reuters reported.

However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the US, said Yeap.

A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from US tariffs and economic slowdowns in India and China, while OPEC+ increases supply.

Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump's threats.

After news of Trump's threats initially boosted prices on Monday, traders told Reuters they viewed the president's warnings to Russia, at least, as a bluff.

Trump, on Sunday, told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25% to 50% on Russian oil buyers if Moscow tries to block efforts to end the war in Ukraine.

Tariffs on buyers of oil from Russia, the world's second largest oil exporter, would disrupt global supply and hurt Moscow's biggest customers, China and India.

Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.

"For now, it appears to be just a threat to Russia and Iran. However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries," said ING commodities strategists on Tuesday.

The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday.

Five analysts surveyed by Reuters estimated on average that US crude inventories fell by about 2.1 million barrels in the week to March 28.