Veon says fuel shortages pose biggest threat as it leans on satellite data growth

Nov 6 : The chief of Dubai-based telecoms group Veon said on Friday that fuel shortages were a bigger threat to its business than rising prices, pointing to power outages in Bangladesh that have halted factories and strained mobile networks.

Data use in Bangladesh has fallen 15 per cent this year, when it should have risen about 40 per cent, CEO Kaan Terzioglu told Reuters.

Starlink’s satellite-to-mobile service, which Veon runs on its spectrum and network, now reaches 13.2 million subscribers across Veon’s markets, including Ukraine through Kyivstar. Android phones can use it, and iPhone support is expected within about a month, pending an Apple software update, Terzioglu said.

The service is not yet offered in Pakistan or Uzbekistan. Terzioglu said those governments were concerned about sovereignty and that Veon was still working to win their approval.

Terzioglu also said Veon would keep buying back at least $200 million worth of its own shares a year, and that cancelled shares would not be reissued, after raising its 2026 revenue forecast earlier on Friday.

It lifted the revenue growth forecast to between 16 per cent and 18 per cent in US dollar terms, from 15 per cent to 18 per cent previously, saying its digital businesses were growing faster than the core mobile operations.

Third-quarter revenue grew 17.2 per cent to $1.31 billion, while earnings before interest, taxes, depreciation and amortization climbed 10.1 per cent to $577 million. Digital revenue jumped 45.9 per cent to $355 million, which is 27.2 per cent of the group total.

In a separate statement, Veon said it had agreed to buy a controlling stake in JungoTV, owner of the All Women’s Sports Network, in a deal worth about $47.3 million.

Terzioglu said the group would use the content to supply entertainment platforms across all its markets, targeting about 30 million diaspora customers from Pakistan, Bangladesh and Ukraine. It expects to close the deal in 2027.