EU rejects Quran burning in Sweden, calls it provocation

The European Union Saturday rejected the burning of the Quran in front of a mosque in Stockholm, Sweden, on Wednesday.

In a statement, EU spokesperson for foreign affairs and security policy, Nabila Massrali, said, “The EU joins the Swedish Ministry of Foreign Affairs in its strong rejection of the burning of a Quran by an individual in Sweden. This act in no way reflects the opinions of the European Union,” “Burning the Quran or any other Holy Book is offensive, and disrespectful and a clear act of provocation. Manifestations of racism, xenophobia and related intolerance have no place in Europe,” she said.

“It is even more deplorable that such act was carried out on the important Muslim celebration of Eid al Adha,” noted the EU spokesperson.

Furthermore, she said the EU is following developments in Baghdad closely and called for calm and restraint and condemned attacks against diplomatic premises.

“Now is the time to stand together for mutual understanding and respect and to prevent any further escalation,” added the EU statement.

According to media reports, dozens of people stormed the compound of the Swedish embassy in Iraq’s capital, Baghdad, on Thursday to protest the Quran burning.

Source: Kuwait News Agency

Egypt launces petrochemical projects valued at USD 9 bln

Egyptian Ministry of Petroleum and Mineral Resources announced on Saturday launching new refining and petrochemical projects with investments at USD nine billion.

In a statement, the Ministry said the they are working on launching new refining projects valued at USD 7.5 billion, including the expansion of Midor refinery in Alexandria, which has completed its first and second phases and started experimentally operating, as well as the diesel production complex project at Assiut’s ANOPC.

It also added other projects including the Suez Petroleum Processing Company’s coking complex and diesel production, the condensate distillation project at Nasr Petroleum Company in Suez, and the air distillation project at Assiut’s oil refiner.

The ministry succeeded in operating eight new projects in fields of oil refining, with investments of USD 5 billion, as part of a strategy launched in 2016 to develop the petroleum refining industry and increase its production capacities to reduce imports.

The strategy’s success led to doubling the domestic production of petrochemical materials to more than 4.3 million tons annually by the end of 2021/2022, compared to 2.1 million tons in 2015/2016, following the expansions that were added in 2016 and 2017 with a total investment of about USD 4 billion.

Source: Kuwait News Agency

Kuwait crude oil up USD 2.09 to USD 77.82 pb — KPC

The Kuwaiti crude oil price rose USD 2.09 during Friday’s trading sessions to reach USD 77.82 per barrel, compared with USD 75.73 pb last Wednesday, Kuwait Petroleum Corporation (KPC) said on Saturday.

In international markets, Brent crude futures went down by 12 cents to USD 74.22 pb and West Texas Intermediate (WTA) crude moved down by 21 cents to USD 69.65 pb.

Source: Kuwait News Agency