G-7 leaders agree to strive for low-carbon economy

Updated 08 June 2015

G-7 leaders agree to strive for low-carbon economy

KRUEN, Germany: Group of Seven leaders agreed on Monday to wean their economies off carbon fuels and supported a global goal for reducing greenhouse gas emissions, but they stopped short of agreeing their own immediate binding targets.
In a communique issued after their two-day summit in Bavaria, the G-7 leaders said they backed reducing global greenhouse gas emissions at the upper end of a range of 40 to 70 percent by 2050, using 2010 as a basis. The range was recommended by the IPCC, the UN’s’ climate-change panel.
They also backed a global target for limiting the rise in average global temperatures to two degrees Celsius (3.6 Fahrenheit) compared with pre-industrial levels.
“We commit to doing our part to achieve a low-carbon global economy in the long-term, including developing and deploying innovative technologies striving for a transformation of the energy sectors by 2050, and invite all countries to join us in this endeavor,” the communique read.
G-7 host Angela Merkel of Germany, once dubbed the “climate chancellor,” hoped to revitalize her green credentials by getting the G-7 nations to agree specific emissions goals ahead of a larger year-end UN climate meeting in Paris.


Egypt inaugurates $3.4M hyrdocracking complex to produce petroleum products

Updated 27 September 2020

Egypt inaugurates $3.4M hyrdocracking complex to produce petroleum products

CAIRO: A new hydrocracking complex worth $3.4 million was inaugurated on Sunday by the Egyptian president in a ceremony north of Cairo.

The complex will produce 4.7 million tons of high-value petroleum products as part of Egypt’s ambitious program to enhance its refining industry, a local report said. 

It was established in cooperation with the private sector to produce high-octane gasoline and diesel. It converts low-value diesel into high-quality petroleum products, which include hydrocracking units for diesel, charcoal, vacuum distillation, sulphur treatment and naphtha repair, according to a report by Egypt Today news website. 

Work at the site, located in Musturud of Qalyubia governorate, began in 2011 but was halted due to the political turmoil that broke out that year, the Egyptian president said. 

President Abdel Fatah El-Sisi asked Egyptians to realize “the size of benefits from a complex like this for Egypt in the field of petroleum,” in statements quoted by Youm 7 newspaper.