Aramco Enters Lubricants Market with Launch of ORIZON® Product Range

Saudi Aramco. Asharq Al-Awsat
Saudi Aramco. Asharq Al-Awsat
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Aramco Enters Lubricants Market with Launch of ORIZON® Product Range

Saudi Aramco. Asharq Al-Awsat
Saudi Aramco. Asharq Al-Awsat

Aramco has announced its entry into Saudi Arabia’s domestic lubricants market, offering consumers a new line of lubricant products under the ORIZON® brand.

Aramco timed the ORIZON® launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah, it said in a statement on Sunday.

Aramco is a global sponsor of Formula 1.

Aramco has introduced the ORIZON® product line in more than 20 cities including Riyadh, Jeddah and Dammam with more locations planned.

ORIZON® products include synthetic and semi-synthetic lubricants for gasoline engines and heavy-duty diesel engines, as well as driveline products, greases and brake fluids.

The company has also expanded the brand to include ORIZONPRO® which is a high-performance line for the industrial sector.

“Entering the lubricants market is an important milestone for the company, as we continue to expand our presence throughout the downstream value chain,” said Aramco Vice President of Fuels Yasser M. Mufti.

“ORIZON® products leverage Aramco’s extensive capabilities in research and development, making them a quality line of lubricants that boosts the local market offering and enhances consumer choice,” the statement quoted him as saying.

“The launch of ORIZON® further complements Aramco’s presence in the Kingdom’s downstream direct-to-consumer segment, following the inauguration of our first two service stations in Riyadh and Saihat recently,” he added.



Gold Set for Weekly Drop; Traders Await US Inflation Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT

Gold Set for Weekly Drop; Traders Await US Inflation Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose on Friday, but were set for a weekly decline after the Federal Reserve signalled a slowdown in rate cuts next year, while focus shifted to a key US inflation print due later in the day.
Spot gold was up 0.5% at $2,606.19 per ounce, as of 0821 GMT, but has lost about 1.5% so far this week.
US gold futures was 0.5% higher at $2,620.60, Reuters said.
Gold is consolidating as "investors await Trump to resume office next year and the Fed will also go meeting by meeting, considering the data development and seeing what is part of Trump's trade policy," said Soni Kumari, a commodity strategist at ANZ.
Investors now await the core Personal Consumption Expenditures (PCE) data, the Fed's preferred inflation measure, for further clues on the US economic outlook.
The Fed cut rates by 25 basis points on Wednesday, but the cautious note struck in its economic projections and expected slowdown of rate cuts pushed gold to its lowest level since Nov. 18.
Data showed on Thursday that the US economy grew faster than expected in the third quarter, while jobless claims also slipped more than anticipated, reinforcing expectations that the central bank will take a cautious approach to policy easing.
A slightly more hawkish set of the Fed's regional bank presidents will become voters on its rate-setting panel in 2025, raising the chance that any further rate cuts next year could spur more dissents like the one seen from the head of the Cleveland Fed.
Higher rates dull the appeal of the non-yielding asset.
According to Reuters technical analyst Wang Tao, spot gold may retest support at $2,582 per ounce.
Spot silver gained 0.1% to $29.06 per ounce but was headed for its worst week since April.
Platinum dropped 0.2% at $921.50 and palladium rose 0.5% to $910.63. Both the metals were poised for weekly losses.