Aramco Inaugurates First Saudi Fiberglass Facility

A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)
A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)
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Aramco Inaugurates First Saudi Fiberglass Facility

A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)
A Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Arabia. (Reuters)

Saudi Aramco inaugurated the first fiberglass rebar plant in the Kingdom, which is expected to localize the industry and reduce steel rebar consumption, as a sustainable new corrosion-free material that could help achieve carbon neutrality targets.

Aramco’s senior vice president of technical services, Ahmad al-Saadi inaugurated the plant following a deal signed in 2019 by New Zealand’s Pultron Composites and its partner Isam Khairy Kabbani Group (IKK).

According to a statement, the facility’s launch is part of Saudi Arabia’s efforts to attract and localize the rebar industry. It is also in line with the efforts to achieve Vision 2030.

Saadi explained that Aramco has been developing and deploying non-metallic solutions within its operations for more than 20 years, noting that the use of non-metallic, advanced polymer materials has significant potential in multiple sectors.

“Moreover, technologies such as GFRP rebar, which mitigate corrosion and minimize life cycle cost, have potential to be the real game-changers for the building and construction sector in particular.”

IKK Group chairman Hassan al-Kabbani said: “We are introducing a revolutionary new technology that will start to replace the iconic construction material that has been around for over a century now.”

Meanwhile, the Saudi Basic Industries Corporation (SABIC) signed an agreement for rail container transportation services with Saudi Railways (SAR).

The agreement was signed in the presence of the Minister of Transport and Logistics Services, Saleh al-Jasser, SABIC Chairman Khalid al-Dabbagh, and SAR CEO Bashar al-Malik.

SABIC CEO Yousef al-Benyan confirmed that the project is part of the company’s contribution to achieving Vision 2030 by providing safe, reliable, fast, and environmentally compatible transportation solutions to serve local industries.

Under the agreement, SAR will transport SABIC’s polymer products by rail from the logistics facility in the port to the delivery point of the port of Dammam, and the point of delivery of empty containers to the logistics facility in the port.

SABIC’s global supply chain is cooperating with SAR to maximize the benefit of this agreement, including the increase in the internal rate of return, cost savings, enhanced operational added value, and meeting sustainability requirements, including fuel savings by 70 percent which will reduce carbon dioxide emissions.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.