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.
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.
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.
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.
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms
Intel Corp has received licenses from US authorities to continue supplying certain products to Huawei Technologies Co (華為), a company spokesman said yesterday. Washington has been pushing governments around to world to squeeze out Huawei, saying that the telecom giant would hand data to Beijing for espionage. From Monday last week, new curbs have barred US companies from supplying or servicing Huawei. This week, the state-backed China Securities Journal reported that Intel had received permission to supply Huawei. China’s Semiconductor Manufacturing International Corp (SMIC, 中芯國際), which uses US-origin equipment to make chips for Huawei and other companies, last week confirmed that it had sought
Swancor Renewable Energy Co (上緯新能源) yesterday announced plans for a 4.4 gigawatt (GW) offshore wind project off Miaoli County as part of its commitment toward Taiwan’s energy transformation, the company said in a statement. The “Formosa 4” project includes three deep-water wind farms 18km to 20km off the coast, Swancor Renewable CEO Lucas Lin (林雍堯) said, adding that planning for the project began last year. A proposal for Formosa 4 was this week submitted to the Environmental Protection Agency (EPA), the company said. Swancor Renewable jointly developed the Formosa 1 project, a 128 megawatt (MW) wind farm about 4km off Miaoli and the
INVEST IN TAIWAN: A metal components casting firm and the world’s largest maker of aluminum bicycle rims also obtained approvals to join the program Solar Applied Materials Technology Co (SOLAR, 光洋應用材料), a part of Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) “green supply chain,” has pledged to invest NT$1 billion (US$34.1 million) to build a new plant at the Tainan Technology Industrial Park (台南科技工業區), the Ministry of Economic Affairs said yesterday. SOLAR has been collaborating with TSMC to extract precious metals from waste and reuse them as “sputtering target” material in high-end semiconductor manufacturing, a TSMC press release issued in May said. Established in 1978, SOLAR also offers key materials and integrated services to customers in the optoelectronics, information and communications technology, petrochemicals and consumer electronics industries,