Tue, Apr 03, 2018 - Page 10 News List

World Business Quick Take

Agencies

ENERGY

Bahrain makes largest oil find

Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency. The shale oil and natural gas discovered in a deposit off the island state’s west coast “is understood to dwarf Bahrain’s current reserves,” the Bahrain News Agency reported, without giving figures. The country currently pumps about 45,000 barrels of oil a day from its Bahrain Field, and it shares income from a deposit with Saudi Arabia that produces about 300,000 barrels a day, US Energy Information Administration figures showed. Bahrain discovered the offshore Khaleej al-Bahrain Basin as it seeks to expand output capacity at its wholly owned Bahrain Field to 100,000 barrels a day by the end of the decade.

ENERGY

Coal India hits record output

Coal India Ltd’s sales and output last month rose to the highest on record as the world’s biggest coal miner rushed to meet its annual production target, a goal that it missed for at least the sixth consecutive year. Output rose 9 percent from a year earlier to 65.58 million tonnes of coal last month, while shipments rose 5.5 percent to 50.08 million tonnes, according to a stock exchange filing on Sunday. That is the highest in records going back to 2013. Output for the year ended last month stood at 514.7 million tonnes, while sales were at 526.4 million tonnes, both falling short of a 544.3 million tonne goal. Boosting output is crucial for Coal India to meet rising demand from power plants, its biggest customers. An early onset of summer is expected to boost electricity consumption.

REAL ESTATE

Dubai developer to sell debt

Damac Properties Dubai Co hired banks including Barclays PLC and HSBC Bank PLC for a possible sale of US dollar-denominated Islamic bonds, people familiar with the matter said. The second-largest listed real-estate developer in Dubai is expected to hire more banks to arrange the debt sale, which might happen as soon as this month, the people said. The developer, which has two golf-course development deals with US President Donald Trump’s family company, in February reported full-year net income that missed the lowest analyst estimate. Hussein Sajwani, who owns 72 percent of Damac, was open to selling as much as 15 percent of his majority stake in the company, he said in January. Damac is the latest company in the Middle East looking to tap the bond market amid a busy start to a year for debt sales.

ENTERTAINMENT

Billionaire to sell resort

Malaysian billionaire T. Ananda Krishnan is considering selling a tropical-themed holiday resort in Germany as he seeks to focus on his domestic investments, people familiar with the matter said. Krishnan and business partner Colin Au are working with an investment bank to gauge interest in Tropical Islands Resort in Brandenburg, which houses the world’s largest indoor rainforest, the people said. They have held talks with some potential buyers for the project, which could fetch as much as 300 million euros (US$369.92 million), the people said. Tropical Islands Resort, located about 60km south of Berlin, was built in a former airship hangar and opened for business in 2004, according to its Web site. Its indoor and outdoor facilities stretch across 100,000m2, the Web site shows.

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