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SABIC Solutions Win 5 Edison Awards for Best New Products

SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)
SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)
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SABIC Solutions Win 5 Edison Awards for Best New Products

SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)
SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)

SABIC, a global diversified chemicals company, has been awarded five of the prestigious Edison Awards 2023 for its innovative solutions, designed to meet the needs of their customers and the broader value chain, and as well aligned with Saudi Vision 2030, reported the Saudi Press Agency on Friday.

SABIC won three gold and two bronze awards across three separate areas for its new products and solutions. These areas include “Food and Agriculture”, “Material Science” and “Sustainability.”

The awards reflect SABIC’s commitment to pushing the limits of science, technology, and innovation and defining the future of chemistry that allows SABIC and its customers to address some of the world’s biggest challenges.

This is the third consecutive year that SABIC’s solutions have been recognized by Edison Awards, which honor the world’s most innovative new products, services, and business leaders. This is also the second consecutive year that SABIC received at least five Edison awards.

“SABIC is proud to be recognized for the third consecutive year by Edison Awards, demonstrating our continued leadership in new technology and innovation advancements. These are key elements of our continued business growth on our journey to be the preferred world leader in chemicals and provide innovative solutions for the future that create a more sustainable world,” said Abdulrahman Al-Fageeh, CEO at SABIC.

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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)
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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.