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Egypt to Link Oil Refining System into Unified Digitally Managed Network

Petroleum Minister Tarek el-Molla speaking at the general assemblies of public sector oil companies (Asharq Al-Awsat)
Petroleum Minister Tarek el-Molla speaking at the general assemblies of public sector oil companies (Asharq Al-Awsat)
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Egypt to Link Oil Refining System into Unified Digitally Managed Network

Petroleum Minister Tarek el-Molla speaking at the general assemblies of public sector oil companies (Asharq Al-Awsat)
Petroleum Minister Tarek el-Molla speaking at the general assemblies of public sector oil companies (Asharq Al-Awsat)

Egypt’s oil refining system is being linked into a unified network through the Egyptian General Petroleum Corporation (EGPC) that will be managed online, Petroleum Minister Tarek el-Molla has announced.

Molla explained that the development of the refining system and the petrochemical industry began in 2016 through the overall vision of the program launched in conjunction with the implementation of the economic reform program.

Speaking at the meetings of the general assemblies of public sector oil companies, Molla indicated that this development is carried out in full integration between increasing and modernizing the capabilities of production units and applying management digital transformation.

He explained that this ensures the highest performance efficiency, which was positively reflected in the sustainability of the provision of petroleum products and petrochemicals for the local market.

He pointed out the vital role of the Amreya and Alexandria refineries and their contribution to providing the needs of the Alexandria and Lower Egypt region, stressing the importance of expanding the capacities of polyvinyl chloride factories.

For his part, chairman of Amreya Petroleum Refining Company Hossam Shawky said that more than 3.6 million tons of crude were refined.

He announced that the refinery produced 84,000 tons of butane, one million tons of mazut, 424,000 tons of 80-octane benzene, and about one million tons of diesel.

APRC further produced 47,000 tons of alkyl benzene, 21,000 tons of raw wax for export, 56,000 tons of unique petroleum products, in addition to quantities of toluene and medicinal oil, bringing the realized revenues to about EGP3.5 billion, and the investments implemented during the year amounted to about EGP450 million.

Meanwhile, the head of Alexandria Petroleum Company (APC), Mohamed Sobhi, explained that the quantities of crude refined through the company’s plant amounted to about 5.3 million tons, contributing to the provision of petroleum products worth about EGP79.7 billion.

It provided part of the local market’s needs for butane, naphtha, diesel, diesel, jet fuel and asphalt, wax distillates, and petroleum solvents, with a value of about EGP 48 billion.

Sobhi pointed out that about EGP5.3 billion in petroleum products were exported to Italy, Spain, France, Malta, Cyprus, Greece, Georgia, Slovenia, Tunisia, Lebanon, Morocco, and Nigeria.

He pointed out that investments of EGP1.2 billion have been pumped to replace and renew production units, asset and resource management, develop security and safety systems, and improve energy efficiency.

The chair of Egyptian Petrochemicals Holding Company (ECHEM), Ahmed Kamel, highlighted the successful implementation of the replacement and renewal programs and the comprehensive development of the company’s units and returned to operation in the fourth quarter of the last fiscal year.

Kamel noted that studies are underway to start the second phase to raise the production capacity of the PVC factory from 120,000 tons to 240,000 tons annually.

Production rates amounted to 25,000 tons of polyvinyl chloride, 29,000 tons of liquid caustic soda, and 5.4 thousand tons of hydrochloric acid. The sales value reached around EGP 1.9 billion.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.