Saudi Arabia to host virtual meeting of G20 energy ministers to discuss market stability amid coronavirus pandemic

Saudi Arabia will host a virtual meeting on Friday April 10 of energy ministers from the Group of 20 major economies in a bid to ensure "market stability" amid the coronavirus pandemic. (AFP/File Photo)
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Updated 07 April 2020

Saudi Arabia to host virtual meeting of G20 energy ministers to discuss market stability amid coronavirus pandemic

  • The meeting comes a few weeks after the extraordinary virtual summit of G20 leaders

LONDON: Saudi Arabia will host a virtual meeting on Friday April 10 of energy ministers from the Group of 20 major economies in a bid to ensure "market stability" amid the coronavirus pandemic.

"The Saudi G20 presidency will hold an extraordinary G20 energy ministers' virtual meeting on Friday... to foster global dialogue and cooperation to ensure stable energy markets," said a statement released Tuesday.

"The G20 energy ministers will also act, alongside invited countries, and regional and international organisations, to alleviate the impact of the COVID-19 pandemic on the energy markets,” it added.

The meeting comes a few weeks after the extraordinary virtual summit of G20 leaders which was hosted by King Salman on March 26.

Also on Tuesday, Saudi Arabia's Cabinet said in a statement that its call for an OPEC+ meeting is an extension to its previous efforts to achieve market balance and stability.

"Saudi Arabia's call for OPEC+ and a group of other countries to hold an urgent meeting, seeking to reach a fair agreement to restore the desired balance to oil markets, is an extension to the Kingdom's previous efforts to achieve market balance and stability, and to continue its enduring endeavors to support global economy in this exceptional circumstance", the statement said.


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.