STC Agrees with Ericsson, Huawei, Nokia to Deploy 5G Network

STC CEO Nasser al-Nasser and KT(Korea Telecom) representative (STC)
STC CEO Nasser al-Nasser and KT(Korea Telecom) representative (STC)
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STC Agrees with Ericsson, Huawei, Nokia to Deploy 5G Network

STC CEO Nasser al-Nasser and KT(Korea Telecom) representative (STC)
STC CEO Nasser al-Nasser and KT(Korea Telecom) representative (STC)

Saudi Telecom Company (STC) signed three major deals to deploy 5G network in Saudi Arabia and develop services with Nokia, Huawei, and Ericsson at the Mobile World Congress in Barcelona.

Nokia's equipment, software and services will be used to set up a 5G network first in the western and southern part of Saudi Arabia as part of STC’s strategy in conjunction with Vision 2030 and National Transformation Plan (NTP) 2020. The rollout phase is already ongoing and is expected to be completed by end of 2020.

STC subscribers will have access to ultra-high bandwidth and low latency services, as well as new applications in areas such as virtual reality, augmented reality and artificial intelligence.

STC will modernize its existing LTE network through latest technologies such as PS (Packet Switch) core, Massive MIMO, 15-band antenna and multi-band technology.

STC CEO Nasser al-Nasser said: "We are excited to work with Nokia on the Aspiration project which will help us realize our dream to be the first one to launch 5G services in the region.”

He explained that once completed, the subscribers will be able to enjoy innovative high bandwidth consuming use cases, adding that the project underscores STC’s support and commitment to NTP 2020 and Vision 2030 to drive Saudi Arabia's digital transformation into a knowledge economy.

“The leadership of our longstanding partner, Nokia, in the development of 5G is crucial for our launch of 5G services.”

“The agreements will contribute to enhancing the company's products and services, and expanding its market share in the ICT market,” said Senior VP of Technology and Operations Unit Haitham al-Faraj.

Procurement and Support Services Sector VP Emad al-Aoudah also indicated that STC has signed multiple Rawafed Local Content agreements under its 5G Aspiration Project with strategic partners.

Earlier, STC signed a Memorandum of Understanding (MoU) with KT (Korea Telecom) at the Mobile World Congress 2019 to collaborate on new technology areas.

As a leading telecommunication company in Korea, KT will cooperate with STC in various business areas and the two will generate and maximize the synergy effect by combining KT’s state-of-the-art ICT technologies such as 5G network, GiGA Wire, GiGAeyes, VR and STC’s Group business expertise and strong influence in MENA region.

Nasser said the collaboration is a great opportunity for STC and introduce KT’s field proven solutions to Saudi Arabia.

“I am hoping our successful cooperation models could expand to STC’s foreign subsidiaries and other MENA countries.”

Meanwhile, STC launched the first internal network for 5G at King Fahd University of Petroleum and Minerals (KFUPM), at the presence of the dean Dr. Sahl Abd al-Jawad.

The network, launched experimentally in the university at its headquarters in Dhahran, is the first of its kind in the Kingdom and the region. Infrastructure VP Khaled al-Darab said that 5G will help the university build a strategic partnership with the company to develop new services and innovations.

“The company has achieved high speeds of up to 1.3gb/s during site test trials, and the site will be operational in the second quarter of this year.”



Trump Auto Tariff Hike Could Cost Germany Nearly $18 Billion in Output

A worker wears a protective mask at the Volkswagen assembly line in Wolfsburg, Germany, April 27, 2020. (Swen Pfoertner/Reuters)
A worker wears a protective mask at the Volkswagen assembly line in Wolfsburg, Germany, April 27, 2020. (Swen Pfoertner/Reuters)
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Trump Auto Tariff Hike Could Cost Germany Nearly $18 Billion in Output

A worker wears a protective mask at the Volkswagen assembly line in Wolfsburg, Germany, April 27, 2020. (Swen Pfoertner/Reuters)
A worker wears a protective mask at the Volkswagen assembly line in Wolfsburg, Germany, April 27, 2020. (Swen Pfoertner/Reuters)

The tariff hike on cars and trucks from the European Union announced by US President Donald Trump could cost Germany nearly 15 billion euros ($17.58 billion) in output, an economic institute told Reuters on Saturday.

The estimate from the Kiel Institute for the World Economy (IfW) highlights the exposure of the EU's largest economy to US import tariffs, which have already cost the German automotive industry billions.

"The effects would be substantial," IfW President Moritz Schularick said, ⁠with output losses ⁠rising to around 30 billion euros over the longer term, according to the institute's analysis.

Trump said on Friday he would increase the auto tariffs to 25% next week from a previously agreed 15%, saying the bloc had not complied ⁠with its trade deal with Washington.

"Germany's already sluggish growth rate would be hit hard," IfW economist Julian Hinz said.

The institute currently expects the German economy to grow by 0.8% this year.

Other European economies with significant automotive sectors - including Italy, Slovakia, and Sweden - are also likely to suffer significant losses, it added.

The German economy minister's chief adviser advised caution towards Trump.

"The EU should ⁠simply ⁠wait and see for now," Jens Suedekum told Reuters.

"It is well known that Trump is quick to suspend or withdraw his grandiose tariff threats."

The president must explain why he thinks the EU is not complying with the existing trade agreement, Suedekum said, adding that it was also not clear whether there was a legal basis for the latest tariff threat.

"It all seems quite impulsive," the adviser said.


Barclays Raises Oil Price Forecast to $100 Per Barrel in 2026

Petroleum pump jacks are pictured in an oil field in California (Reuters)
Petroleum pump jacks are pictured in an oil field in California (Reuters)
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Barclays Raises Oil Price Forecast to $100 Per Barrel in 2026

Petroleum pump jacks are pictured in an oil field in California (Reuters)
Petroleum pump jacks are pictured in an oil field in California (Reuters)

Barclays has raised its 2026 Brent crude forecast to $100 per barrel, signaling that prices could rise further if the impasse in the Strait of Hormuz continues longer than expected.

The bank cautioned that the longer the disruption lasts, the bigger and more persistent ⁠the price shock will be, stressing that $100 a barrel should not be seen as a level at which supply and demand have found a new balance.

According to Barclays, the oil market is running a deficit of around 6.6 million barrels per day that is likely to widen as the supply shock continues.

It added that if disruptions persist through the end of May, prices could reprice towards $110 a barrel.

An Iranian proposal on negotiations with the US sent crude oil futures diving on Friday, but prices remained on track for weekly gains, with Tehran still blocking the Strait of Hormuz and the US Navy blocking exports of Iranian crude.

Brent crude futures for July settled at $108.17, down $2.23 a barrel, or 2.02%. West Texas Intermediate futures finished at $101.94 a barrel, down $3.13, or 2.98%.

Oil prices have been on the rise since the US and Israel attacked Iran at the end of February, resulting in the closure of the Strait of Hormuz and the disruption of shipments of about a fifth of the world’s oil and liquefied natural gas supply.

A ceasefire has been in place since April 8.

A senior official of Iran's Revolutionary Guards had threatened on Thursday “long and painful strikes” on US positions if Washington renewed attacks on Iran, pushing oil prices to intraday peaks before retreating.

Marshall Islands-flagged tanker Sarv Shakti, loaded with 46,313 metric tons of liquefied petroleum gas for India, crossed the Strait of ⁠Hormuz on Saturday, ⁠India's shipping ministry said.

The vessels with 20 crew ⁠members on board, 18 of them Indian, is expected to arrive at the Indian port of Visakhapatnam on May 13, ⁠it said ⁠in a statement said.

If the tanker completes the journey, it would become the first known Indian vessel to successfully cross the Strait of Hormuz since the US intensified its crackdown on ships tied to Iran weeks ago, a move that had pushed traffic through the crucial corridor to near-zero.


Egypt Says New Gas Discovery in Nile Delta Adds 50 mcf/d to Output

The Petroleum and Mineral Resources Ministry said on Saturday that the discovery was achieved following the successful drilling of the exploratory well “Nidoco N-2”. Photo: Petroleum and Mineral Resources Ministry
The Petroleum and Mineral Resources Ministry said on Saturday that the discovery was achieved following the successful drilling of the exploratory well “Nidoco N-2”. Photo: Petroleum and Mineral Resources Ministry
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Egypt Says New Gas Discovery in Nile Delta Adds 50 mcf/d to Output

The Petroleum and Mineral Resources Ministry said on Saturday that the discovery was achieved following the successful drilling of the exploratory well “Nidoco N-2”. Photo: Petroleum and Mineral Resources Ministry
The Petroleum and Mineral Resources Ministry said on Saturday that the discovery was achieved following the successful drilling of the exploratory well “Nidoco N-2”. Photo: Petroleum and Mineral Resources Ministry

Egypt has announced a new natural gas discovery in the Nile Delta with an estimated production of around 50 million cubic feet per day (mcf/d). This will add to the country’s current output of about 4.2 billion cubic feet daily.

In a statement, the Petroleum and Mineral Resources Ministry said on Saturday that the discovery was achieved following the successful drilling of the exploratory well “Nidoco N-2” in a concession area operated by the Italian Eni in partnership with the British BP.

The ministry said the well was drilled onshore using advanced directional drilling technologies, which helped reduce costs and improve operational efficiency.

Petroleum Minister Karim Badawi inspected the EDC-56 drilling rig that carried out operations in the West Abu Madi area of Kafr El Sheikh governorate, around 3 km offshore in shallow waters at a depth of approximately 10 meters.

The West Abu Madi development area is operated by Eni in partnership with BP and the Egyptian General Petroleum Corporation through Petrobel, a joint venture between EGPC and Eni.

Also Saturday, Badawi said Egypt reduced arrears owed to international oil and gas partners to about $714 million ⁠by the end of ⁠April 2026 from $6.1 billion ⁠in June 2024, with plans to clear all outstanding dues by the end of June.