Saudi Arabia’s Ministry of Energy awards prestigious feedstock allocation for joint project between Sipchem and LyondellBasell

AL KHOBAR, Kingdom of Saudi Arabia and HOUSTON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Sipchem and LyondellBasell (LYB) have been awarded a feedstock allocation from the Ministry of Energy of Saudi Arabia supporting a joint feasibility study for a world–scale mixed feed cracker complex combined with a diversified derivative portfolio. Sipchem and LYB will assess the viability and optimal structure for the project, which will be advanced on a 60% (Sipchem) | 40% (LYB) ownership basis. The allocation lays the foundation for both parties to define the technical, financial and commercial configuration for the project. Construction of the joint project would result in the manufacturing of petrochemical products and derivatives to serve customers both within the Kingdom of Saudi Arabia and global export markets while creating several thousand local job opportunities.

With cost–advantaged feedstocks, world–scale assets, leading technologies, and proximity to key international markets, the joint project has the potential to create lasting value. The project will benefit from LYB’s technologies to produce differentiated grades of polyethylene and polypropylene, including the Catalloy product line of elastomeric polyolefins.

Sipchem and LYB will jointly explore carbon management solutions including the use of low emission technologies, in support of the parties’ and the Kingdom’s net zero ambitions. 

“Our partnership with LyondellBasell marks an important milestone in our pursuit of ambitious goals for sustainable growth and the strengthening of our position within the petrochemical market locally and globally,” said Abdullah Al–Saadoon, Sipchem chief executive officer. “Through this collaboration, we will leverage the latest cutting–edge, energy–efficient technologies, significantly contributing to our environmental objectives and enhancing the sustainability of our operations. We extend our gratitude to the Ministry of Energy for its unwavering support of the petrochemical industry, which has been instrumental in enabling us to achieve our shared goals. We are enthusiastic about advancing this project and are committed to delivering high–quality products that will drive the development of the industrial sector in the Kingdom of Saudi Arabia.” 

“This feedstock allocation is a vital step in our collaboration with Sipchem,” said Peter Vanacker, LyondellBasell chief executive officer. “As we move forward with our joint study, with a long–term partnership in mind, we further strengthen our commitment to Saudi Arabia. Thank you to the Ministry of Energy for their support and collaboration as we build on our successful partnership. We look forward to being a larger part of the Kingdom's thriving economy, which continues to grow and provide numerous opportunities for development and innovation.”

About LyondellBasell

We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high–quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn. 

About Sipchem

Sipchem, officially known as Sahara International Petrochemical Company (TASI: SIPCHEM) ― a Saudi–based leading innovator in the petrochemical sector, founded in 1999. The company provides high–quality chemical and polymer products that serve diverse industries, including construction, automotive, electronics, and packaging. With a strong focus on sustainability, Sipchem integrates energy efficiency, waste reduction, and advanced technologies into its operations to support a circular economy and minimize its environmental impact. Through continuous investment in research and development, Sipchem delivers innovative solutions that address evolving global needs and contribute to long–term growth. For more information, please visit www.Sipchem.com or follow @SipchemGlobal on LinkedIn.

Cautionary Note Regarding Forward–looking Statements

The statements in this release relating to matters that are not historical facts are forward–looking statements. Actual results could differ materially based on factors including, but not limited to, our ability to meet the requirements of the allocation award; the results of the feasibility study described in this release; future investment decisions and the successful development, construction and operation of the proposed facilities described in this release; our ability to implement our strategy and successfully align our asset base with that strategy; and general economic conditions in the Kingdom of Saudi Arabia and globally. Additional factors that could cause results to differ materially from those described in the forward–looking statements can be found in the “Risk Factors” section of our Form 10–K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward–looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward–looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward–looking statements should circumstances or management's estimates or opinions change, except as required by law. 

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Bitget Updates Proof of Reserves for February 2025, Reserve Ratios Increase to 186%

VICTORIA, Seychelles, Feb. 27, 2025 (GLOBE NEWSWIRE) — Bitget, the world's leading cryptocurrency exchange and Web3 company, has released their proof–of–reserves report for February 2025. The newest snapshot shows the updated data highlights an increase of reserves to 186% up from its commitment of 100%. Bitget’s latest proof of reserves reaffirms its financial stability and transparency, showcasing a strong total reserve ratio. 

The exchange holds substantial reserves across major assets, ensuring more than full backing of user funds. The breakdown reveals a 322% reserve ratio for Bitcoin, with over 19,393 BTC held against user liabilities of 6,030 BTC. Similarly, Ethereum reserves stand at 173%, with holdings of 199,433 ETH exceeding the 115,051 ETH in user assets. Stablecoin reserves are also robust, with USDT at 138% and USDC at 121%, showing strong backing.

The Merkle root hash verification adds an extra layer of transparency, allowing users to independently verify their assets within Bitget’s system. With 35 million records included in the Merkle tree, the exchange continues to prioritize accountability. The report highlights Bitget’s commitment to safeguarding user assets while maintaining operational integrity. By consistently holding reserves well above liabilities, Bitget reinforces trust in its financial health, positioning itself as a secure and reliable platform for crypto traders and investors.

The updated PoR showcases Bitget's efforts in maintaining more than industry standard 100% reserves, which effectively guarantees that users' assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.

In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $570 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats.

For real–time PoR tracking, please visit here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real–time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world–class multi–chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: WebsiteTwitterTelegramLinkedInDiscordBitget Wallet

For media inquiries, please contact: [email protected]

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e6e37dd–29ad–4275–b259–d9650b21488f


GLOBENEWSWIRE (Distribution ID 1001050766)

U.S. Passes on UN Ukraine Resolution amid the Humanitarian Crisis

The UN Security Council Meets on Maintenance of Peace and Security of Ukraine. Credit: UN Photo/Eskinder Debebe

By Oritro Karim
UNITED NATIONS, Feb 27 2025 – From late 2024 to early 2025, the humanitarian situation in Ukraine has taken a turn for the worst, with poverty, violence, displacement, and damage to critical infrastructures having grown in intensity. Following the 2022 invasion of Ukraine by Russia, tensions have grown among member states of the United Nations (UN) on how to resolve the Russo-Ukrainian War.

On February 20, the United Nations High Commissioner for Refugees (UNHCR) released a report detailing the current living conditions in Ukraine, where they estimated that 12.7 million Ukrainians – roughly 36 percent of the population – urgently require humanitarian assistance.

The death toll in Ukraine had reached new peaks in late 2024. There have been approximately 41,000 civilian casualties, including 12,500 deaths. Roughly 2,500 children have also been killed or injured as a result of the current war. Rates of sexual violence among women, men, and children have increased significantly since the war began. Nearly 63 percent of all households in Ukraine have reported distress that has been linked to trauma, with 1.5 million children at risk of developing post-traumatic stress disorder and other severe mental health conditions.

Ukraine has also sustained immense damage to its infrastructures, many of which are crucial in providing basic services. Attacks on energy infrastructure have led to limited power, water, and fuel being allocated to households. This is especially dangerous in the winter season, when temperatures regularly drop below zero. Roughly 3,600 educational facilities, including 2,000 schools, have been damaged, with 371 having been destroyed completely. Nearly 13 percent of the total housing stock in Ukraine has been damaged, which has affected over 2.5 million households.

On February 25, the UN Resident Coordinator Office in Ukraine released a report that analyzed the scale of needs and the expenses required for recovery in Ukraine. It is estimated that the total cost of reconstruction and recovery over the next decade will be 524 billion dollars, which is nearly 2.8 times the estimated GDP of Ukraine in 2024. For 2025 alone, it is projected that Ukraine will need 9.96 billion dollars from donors and the private sector to begin reconstruction efforts.

“The war has been a heavy blow to the Ukrainian economy. Many Ukrainian enterprises that gave people jobs stopped or were destroyed. The brutal Russian air strikes have severely damaged the national energy system, as well as hundreds of educational and healthcare institutions. A humanitarian crisis is devastating and the “hidden crisis” – the mental health crisis – will resonate for generations,” said UN Resident and Humanitarian Coordinator in Ukraine Matthias Schmale.

Additionally, approximately 3.7 million people are internally displaced in Ukraine, and 6.9 million have fled to other parts of Europe. According to figures from People in Need (PIN), a Czech humanitarian organization, nearly 700,000 internally displaced people reside in Ukraine’s capital Kyiv and its surrounding areas.

Socio-economic conditions have continuously worsened since the start of the war, with displaced populations having been hit the hardest. A survey from the International Organization for Migration (IOM) states that only half of the working-age displaced Ukrainians have managed to find legal employment. Most families that have exhausted their funds rely on government assistance for survival. However, state funding has diminished greatly since March 2024, with the new laws stating that only the most vulnerable groups are entitled to assistance, such as the elderly or disabled.

According to figures from the World Bank, there are over 9 million Ukrainians who struggle with poverty, having increased by 1.8 million in the past three years alone. Economic growth has decreased by 3.2 percent in 2024 and is projected to decrease by 2 percent in 2025.

The hunger crisis has also grown significantly since the wake of the war. According to a press release from the World Food Programme (WFP), approximately 5 million people are facing acute food insecurity. The highest levels of hunger are concentrated in the areas that have been most affected by conflict. The Kherson region in the south, along with Zaporizhzhya and the Donetsk region in the east, have particularly severe levels of hunger.

February 24 marks three years since the Russian invasion. In remembrance of this historical event, the UN General Assembly adopted two resolutions that would entail a cessation of hostilities between Ukraine and Russia.

The first of these resolutions, A/ES-11-L.10, called for Ukraine’s sovereignty and territory to be respected, a cessation of hostilities, and an end to impunity for war crimes. The document included clauses in which the Russian Federation was deemed responsible for the invasion and for disrupting global stability.

93 member states voted in favor of the resolution, citing its importance in protecting global and regional stability. Russia and the United States voted against this resolution. The U.S. presented Path to Peace (A/ES-11-L.11) a separate resolution that calls for an end to the war and mourns lost lives. However, this document includes no mentions of Russia’s aggressive military tactics.

In response, France proposed three amendments to this document which indicated at Russia’s responsibility for the conflict. Russia also proposed an amendment that called for the “root causes” of the war to be addressed. Both of the amendments were approved, with the U.S. abstaining from voting and Russia voting against the resolution.

The Russian Ambassador to the UN Vasily Nebenzia has said that Russia was justified in its invasion of Ukraine, citing that the intention was to prevent the expansion of NATO from Russia’s borders. “The text adopted now is not perfect, but it is, in fact, the first attempt to adopt a constructive and future—oriented product of the Council, talking about the path to peace, and not inflaming the conflict,” Nebenzia remarked.

Ukraine, as well as numerous European countries, argued that a resolution that does not hold the Russian Federation responsible effectively undermines the UN’s obligation to protect human rights, especially when war crimes are involved.

“The way we answer to Russian atrocities and crimes, the way we answer to aggression as a tool of statecraft will define not only the future of Ukraine, will define not only the future of Europe; it will define our common future, the future of the entire democratic world and the future of the U.N.,” said Ukrainian Deputy Foreign Minister Mariana Betsa in her speech to the General Assembly before the vote.
“On this tragic occasion, I reaffirm the urgent need for a just, sustainable and comprehensive peace – one that fully upholds Ukraine’s sovereignty, independence and territorial integrity within its internationally recognised borders, in accordance with the UN Charter, international law and resolutions of the General Assembly,” said UN Secretary-General António Guterres.

IPS UN Bureau Report

 


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