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Aramco’s Abqaiq Plants Win Global Business Continuity Award

Aramco’s Abqaiq Plants Win Global Business Continuity Award
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Aramco’s Abqaiq Plants Win Global Business Continuity Award

Aramco’s Abqaiq Plants Win Global Business Continuity Award

The Abqaiq Plants of Saudi Aramco have won the Global Award of the Business Continuity Awards 2020 presented by CIR.

Continuity Insurance and Risk (CIR) is based in London.

The award announced online this week reflects the quick resumption of production at the Abqaiq Plants following the terrorist attacks of September 14, 2019.

Saudi Arabia was able to resume production just days after the attacks following Aramco's move to keep its supply by using its reserves and increasing production in oil fields.

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Algeria to Buy $1.5 Billion Shares in BRICS Bank

Algerian capital (Reuters)
Algerian capital (Reuters)
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Algeria to Buy $1.5 Billion Shares in BRICS Bank

Algerian capital (Reuters)
Algerian capital (Reuters)

Algerian President Abdelmadjid Tebboune said on Saturday his country intends to buy shares in the BRICS New Development Bank (NDB) for $1.5 billion.
On the sidelines of the ninth annual meeting of the BRICS NDB held in Cape Town on August 31, Algeria has been authorized to become a member of this entity.
But Tebboune said his country is no longer interested in joining the BRICS economic alliance in view of the political positions and membership criteria of some of its members.
“We wanted to join the BRICS economic group, but some members blocked Algeria's accession,” the Algerian President said in an interview with representatives of national media, broadcast on Saturday evening on national television and radio channels. He said those members realized they can’t affect Algeria’s dynamic.
On the other hand, Tebboune revealed that the country’s priority now is to build a strong economy. “Building a strong national economy and protecting Algeria from global fluctuations are among the priorities,” he said, emphasizing the importance of domestic production of widely consumed goods.
The President stressed that he could not turn all Algerians rich, but vowed to strengthen the purchasing power of citizens to preserve their dignity and reduce poverty.
“We are exerting efforts to achieve self-sufficiency in basic foodstuffs such as wheat and barley,” he said.
He also highlighted that in 2024, Algeria has achieved “80% self-sufficiency in wheat production.”
Tebboune further asserted that the phenomenon of smuggling, which harms the national economy, must stop, as Algeria plans to create free zones with neighboring brotherly countries.
He said Algeria has a free zone with Mauritania and soon with Niger and then Tunisia and Libya.