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OPEC+ Postpones Policy Meeting to Nov 30

(FILES) The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016. (Photo by JOE KLAMAR / AFP)
(FILES) The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016. (Photo by JOE KLAMAR / AFP)
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OPEC+ Postpones Policy Meeting to Nov 30

(FILES) The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016. (Photo by JOE KLAMAR / AFP)
(FILES) The logo of OPEC is pictured at the OPEC headquarters on the eve of the 171th meeting of the Organization of the Petroleum Exporting Countries in Vienna, on November 29, 2016. (Photo by JOE KLAMAR / AFP)

OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to Nov. 30 from Nov. 26, OPEC+ sources said.

The Sunday meeting had been expected to convene in OPEC's Vienna headquarters.

OPEC announced the delay in a statement which didn't mention if the group would convene online or in person on Nov. 30, although three delegates said it was expected to be in person in Vienna.

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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.