Lundin Petroleum AB, the Swedish explorer focused on Norway, said there won’t be any new oil output in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges.
The largest auction of troubled assets in the commercial mortgage-backed securities market is showing the strength of investors’ appetites for real estate as more distressed properties from the crash come up for sale.
Greenland is looking for investors from the U.S. to Asia as the world’s largest island targets $4 billion in funds that the government predicts will allow the economy to double in size over the next decade.
Greenland Hong Kong Holdings Ltd., a property unit of Chinese state-owned Greenland Holding Group Co., will join with China Resources Land Ltd. to develop land it bought last month for 5.95 billion yuan ($985 million).
Greenland hopes to begin formal negotiations with Alcoa Inc., the largest U.S. aluminum producer, on building a smelter capable of producing 340,000 metric tons of the metal annually, the country’s finance minister said.