December 19, 2023 [Zawya]- The refinery marks Aramco’s new addition joining its Abqaiq oil processing and crude stabilisation facility, Uthmaniyah Gas Plant, and Khurais oil complex which are part of the network.
Saudi Arabian Oil Company (Aramco) unveiled that Yanbu Refinery has become its fourth facility to be added to the Global Lighthouse Network of the World Economic Forum (WEF), according to a press release.
The refinery marks Aramco’s new addition joining its Abqaiq oil processing and crude stabilisation facility, Uthmaniyah Gas Plant, and Khurais oil complex which are part of the network.
Furthermore, Aramco is currently the only international energy company to be represented in WEF lighthouses network by more than two facilities.
Aramco Executive Vice President of Global Manufacturing, Ibrahim Al Buainain, said: “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.”
The network only accepts manufacturing facilities that can demonstrate successful adoption of 4IR technologies at scale. Therefore, Yanbu Refinery is among 21 new facilities added to the network which currently has a total of 153 manufacturing facilities from across the globe.
Al Buainain added: “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.”
He concluded: “Such achievements reinforce our position as a technology leader in our industry and highlight the benefits for our industry of adopting cutting-edge solutions.”
It is worth noting that in the first nine months (9M) of 2023, the Saudi oil giant generated net profits worth SAR 354.54 billion in addition to revenues of SAR 1.24 trillion.
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