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PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)
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PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)

Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is considering selling part of its 70% stake in Saudi Telecom Co (STC) while retaining majority ownership, the state fund said on Thursday.

"The potential transaction is expected to contribute to PIF's establishment and development of new sectors, in addition to strengthening the Saudi economy's growth and diversifying its sources of income," PIF said in a statement.

PIF said it had appointed Goldman Sachs, HSBC, Morgan Stanley and SNB Capital to advise on the deal.

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Egypt Cuts 2040 Renewable Energy Target to 40%, Keeps Focus on Natural Gas

Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo
Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo
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Egypt Cuts 2040 Renewable Energy Target to 40%, Keeps Focus on Natural Gas

Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo
Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo

Egypt has revised its renewable energy target for 2040 down to 40% from a previous goal of 58%, Petroleum Minister Karim Badawi said on Sunday, underscoring that natural gas will remain a key part of the country's energy mix for years.

Before hosting the COP27 climate summit in 2022, Egypt pledged to raise renewable energy production to 42% of its energy mix by 2035, later advancing that target to 2030. In June 2024, then-Electricity Minister Mohamed Shaker announced an ambitious plan to raise this to 58% by 2040, a target now abandoned, Reuters reported.

"This is a message to all of us to work together to increase discoveries and attract more investments through the bids being offered for exploration, aiming to achieve new discoveries in the region, which holds more wealth, particularly natural gas," Badawi said in the opening session of the Mediterranean Energy Conference 2024.

Since taking office in July, Badawi has met numerous international energy companies, including Italy’s Eni, which plans to start drilling new wells in Egypt's largest gas field, Zohr, in early 2025 to boost production.

Zohr's gas production peaked at 3.2 billion cubic feet per day (bcf/d) in 2019, enabling the country to become a net exporter. But output declined to 1.9 bcf/d by early 2024, forcing Egypt to increase gas imports through a pipeline linking it with Israel as well as liquefied natural gas (LNG) shipments to avoid a load shedding scheme that went on for months.