KSA set to increase petchem production

Updated 05 May 2015

KSA set to increase petchem production

Saudi Arabia plans to increase its petrochemicals production capacity to about 100 million tons per year, says King Abdulaziz City for Science and Technology (KACST) President Prince Turki bin Saud bin Mohammed Al-Saud.
Speaking at the opening of the Third Saudi International Conference on Petrochemicals at the KACST headquarters on Tuesday, Prince Turki said such an increase would make the Kingdom contribute 10 percent of the world production, thus becoming the third largest global exporter of petrochemicals.
Minister of Petroleum and Mineral Resources Ali Al-Naimi and the Vice President of the KACST to support scientific research, Abdulaziz bin Mohammed Suwailem, and a group of experts and specialists in petrochemicals were among those present.
“The Kingdom is actively engaged in the construction of large petrochemical complexes in the industrial cities of Jubail and Yanbu,” he said, adding that the cluster of facilities is the largest of its kind in the world to encourage the private sector to achieve value-added petrochemical industries and diversify sources of national income.
He commended the contribution of Saudi Aramco and its vital role in the petrochemical industry with a production of more than 64 million tons of various petrochemicals in the wake of fierce competition among other countries.
He thanked Custodian of the Two Holy Mosques Prince Salman for his efforts to make the Kingdom a knowledge-based society.
In his speech, Al-Naimi explained that his ministry is responsible for the management of hydrocarbon and mineral resources. The strategy includes the optimal use of energy, maximize the benefits from the exploitation of hydrocarbon and mineral substances, achieve the highest added value for the national economy and provide meaningful employment opportunities for citizens.
He said the petrochemical industry would be responsible for the largest growth in its history with a total production of more than 115 million tons at the end of 2016, representing a growth of 250 percent.
Al-Naimi said he expected a total investment in the petrochemical industry to reach $150 billion with the presence of 14 companies in the Saudi stock market (Tadawul).


Trump calls for World Bank to stop lending to China

Updated 07 December 2019

Trump calls for World Bank to stop lending to China

WASHINGTON: US President Donald Trump on Friday called for the World Bank to stop giving loans to China, one day after the institution adopted a lending plan to Beijing over Washington’s objections.
The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to “gradually decline” from the previous five-year average of $1.8 billion.
“Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!” Trump wrote in a post on Twitter.
Spokespeople for the White House and the World Bank did not immediately respond to requests for comment.
The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017.
But the fall in the World Bank’s loans to China is not swift enough for the Trump administration, which has argued that Beijing is too wealthy for international aid.