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Kuwait to Inaugurate New Gas Pipeline End of 2019

Kuwait to Inaugurate New Gas Pipeline End of 2019
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Kuwait to Inaugurate New Gas Pipeline End of 2019

Kuwait to Inaugurate New Gas Pipeline End of 2019

The fifth gas pipeline will be operational end of the current year, expected Kuwait National Petroleum Company (KNPC) CEO Waleed al-Bader.

It is expected to contribute in boosting overall gas production to 3.1 billion cubic feet on a daily basis.

In his speech during the 27th Annual Conference of the Gas Processing Association-GCC Chapter on Tuesday, Bader stated that the production capacity of the fifth gas pipeline will reach 805 million cubic feet of gas daily.

In 2015, KNPC operated the fourth gas pipeline that employs the most advanced technology with an output capacity of 805 million cubic feet of gas daily, he added.

According to the 2040 strategy, KNPC’s vision stands for becoming a global pioneering firm via presenting a standing out operational performance, creating an added value to Kuwaiti hydrocarbon resources, and meeting the demand of the local and internal market.

The company seeks to develop and invest in the compound of producing gas to meet the increasing demand on Kuwaiti gas – this might require constructing and ensuring establishments and additional equipment to produce gas in the future.

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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.