World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
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World Economic Forum Includes Yanbu Refinery into Industrial Lighthouses Network

One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)
One of the refinery companies affiliated with “Saudi Aramco” (SAMREF)

 The World Economic Forum (WEF) announced, on Monday, the inclusion of Saudi Aramco’s Yanbu Refinery within the “Industrial Lighthouses” network, in appreciation of its efforts in the effective application of advanced technologies, which seek to provide many operational, commercial and environmental benefits.

According to a statement by Aramco, Yanbu Refinery is the fourth Aramco facility to be included in this global network, along with other major facilities, such as the Abqaiq oil processing plant, the Uthmaniyah Gas Plant, and the Khurais oil production facilities.

The statement added that the Yanbu Refinery is one of 21 new facilities added to the prestigious network, which now includes a total of 153 manufacturing facilities around the globe. Aramco is the only international energy company to be represented by more than two facilities.

“This new recognition by WEF reflects Aramco’s sustained focus on the development and deployment of state-of-the-art 4IR (Fourth Industrial Revolution) technologies, which enhance our operations and contribute to our sustainability objectives,” said Ibrahim Al-Buainain, Aramco Executive Vice President of Global Manufacturing.

He continued: “At Yanbu Refinery, we have successfully harnessed 4IR use cases to improve profits, increase production and expand processing capacity, while simultaneously reducing energy consumption, waste generation and gas emissions. Such achievements reinforce our position as a technology leader in our industry and highlight the benefits for our industry of adopting cutting-edge solutions.”

The Yanbu Refinery is part of the Saudi Aramco refining, chemicals and marketing portfolio, and one of the largest refining businesses in the world. It processes crude oil to produce refined products such as liquid petroleum gas, gasoline, diesel, jet fuel, kerosene, fuel oil and asphalt.

The refinery was operated on the western coast of the Kingdom in 1983, to meet local demand for refined products. Its initial design capacity of 170,000 barrels per day of Arab Light crude was later expanded to process 235,000 barrels per day of Arab Light.



Gold Falls as Positive US-China Talks Hamper Safe-haven Appeal

Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)
Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)
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Gold Falls as Positive US-China Talks Hamper Safe-haven Appeal

Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)
Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)

Gold slipped on Monday as positive US-China trade talks alleviated market fears, leading investors to shift from safe-haven assets towards riskier investments.

Spot gold fell 1.4% to $3,277.34 an ounce, as of 0432 GMT. US gold futures lost 1.9% to $3,281.70, Reuters reported.

"The dollar index has advanced as the Trump administration touted progress in trade negotiations, with China following negotiations over the weekend in Switzerland which weighed on gold prices," said Jigar Trivedi, senior commodity analyst at Reliance Securities.

The US and China ended high-stakes trade talks on a positive note on Sunday, with US officials touting a "deal" to reduce the US trade deficit, while Chinese officials said they had reached "important consensus".

Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday.

The US and China imposed tit-for-tat tariffs on each other last month, triggering a trade war that fueled fears of global recession.

The US will be left with higher tariffs once the dust settles from President Donald Trump's trade negotiations, a majority of the current and former Trump advisers Reuters spoke to said.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-interest rate environment.

On Friday, Cleveland Fed President Beth Hammack said the Fed needs more time to see how the economy responds to Trump's tariffs and other policies before figuring out the right response.

Traders are also eyeing release of US Consumer Price Index on Tuesday for fresh signals on the Fed's monetary policy trajectory.

"In the near term, gold possibly continue to decline as the dollar could appreciate and amid reducing geopolitical risk the haven demand too may drop hence, the yellow metal may decline to $3,200/oz in the near term," Trivedi added.

Spot silver gained 0.4% to $32.84 an ounce, platinum rose 0.7% to $1,001.90 and palladium firmed 0.6% to $981.20.