Search Results for: petroleum
- Business News
Thai economy predicted to bounce back in Q2 despite sluggish start
The Joint Standing Committee on Commerce, Industry and Bangkok (JSCCIB) indicated that the Thai economy, which is set to experience sluggish growth this year, is expected to pick up in the second quarter. This projection is attributed to the anticipated state budget spending and a reduction in tension within the Red Sea region. The National Economic and Social Development Council…
- Automotive
EV charging stations in Thailand
EV charging stations in Thailand are quickly growing as the country adopts electric vehicles to fight air pollution and lower fossil fuel use. The Thai government supports electric mobility, and the increasing demand for EVs is boosting the expansion of charging stations. This shift offers opportunities for local and international investors and helps consumers choose eco-friendly transportation. In this guide,…
- Business News
Manufacturing production index dips in Thailand amid economic challenges
The Office of Industrial Economics (OIE) has reported a 2.94% year-on-year dip in the Manufacturing Production Index (MPI), falling to 99.2 points in January. This downturn is largely attributed to a range of economic challenges, most notably the highest level of car seizures in half a decade. The domestic automotive industry’s stagnation was a significant contributor to January’s MPI decline,…
- Business News
Thai Oil predicts surge in jet fuel demand despite slow economy
Despite forecasted sluggish economic growth, Thai Oil Plc, Thailand’s leading oil refinery in terms of capacity, envisages an upturn in demand for refined oil, particularly jet fuel, in the current year. Jet fuel consumption is predicted to surge by 24.2%, equating to an average of 16.8 million litres per day (MLD). This represents a considerable increase from the previous year’s…
- Thailand News
Coconut jelly waste transformed into billion-baht bonanza
Professor Hathaikarn Manuspiya and her team from Chulalongkorn University have turned coconut jelly waste into a goldmine of valuable food ingredients worth billions. In a bid to tackle food waste and revolutionise the circular economy, the team’s creation, dubbed Cello-Gum, promises to reshape industries and economies alike. Professor Hathaikarn, the mastermind behind the ingenious creation, hails from Chulalongkorn University’s Petroleum…
- Business News
Oil Fuel Fund in Thailand faces 84.3 billion baht loss
A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable. The discussion will be spearheaded by a subcommittee…
- Business News
Thailand urged to speed up joint gas project with Cambodia
Energy experts urged Thailand to accelerate discussions on a joint gas production endeavour with Cambodia in the overlapping claim area (OCA). The call comes in light of the global shift towards clean energy, which could pose challenges to new petroleum projects due to their contribution to carbon emissions. Despite its initiation in 2001, the OCA negotiations have yet to progress…
- Business News
Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
- Business News
Thailand’s manufacturing sector set to rebound by 2024 despite 2023 contraction
Despite the economic slowdown causing a 5.1% contraction in Thailand’s Manufacturing Production Index (MPI) last year, it is expected to rebound in 2024. The forecasted improvement comes in response to an increase in the export of industrial products, which grew by 3.22% in December, marking the third consecutive month of growth, according to Warawan Chitaroon, the director-general of the Office…
- Business News
PTTEP boosts gas production at Erawan to avoid hefty fine
PTT Exploration and Production Plc (PTTEP) is stepping up gas production at the Erawan gas block in the Gulf of Thailand to avoid a hefty fine. The penalty would be due to a failure to supply the volume of gas stipulated in a contract signed with PTT Plc, Thailand’s sole gas dealer. The chief executive of PTTEP, Montri Rawanchaikul, expressed…
- Business News
Thai Cabinet ratifies 3.6 trillion baht budget for fiscal year 2025
The Thai Cabinet ratified a 3.6 trillion baht budget for the fiscal year 2025. This sees an expansion of the budget deficit to 713 billion baht, a 2.89% increase from the previous year. The new budget was approved by the Cabinet on Tuesday, following its presentation by the Budget Bureau. It was announced by the Deputy Government Spokesperson, Rudklao Suwankiri.…
- Business News
Southeast Asian nations ramp up efforts to boost upstream oil industry
Southeast Asian nations are intensifying their efforts to boost the upstream oil industry, with Malaysia, Indonesia, Vietnam, and Thailand vying for investment from both domestic and international entities, as revealed by a study from BMI, a Fitch Solutions company. In 2022, Malaysia received foreign investment of 287 million ringgit (US$61.7 billion), equivalent to 47% of the nation’s overall investment, in…
- Business News
Thailand’s oil refineries ready to market eco-friendly Euro5 diesel
Thailand’s oil refineries are gearing up to market their new eco-friendly diesel that complies with the Euro5 environmental emission standard. This standard was put into effect on the first day of the year, according to the Federation of Thai Industries (FTI). The Euro5 standard, set to replace Euro4, will apply to B7 and B20 bio-diesel, which contain 7% and 20%…
- Business News
Oil prices dip over 1% due to Saudi cuts and increased Opec production
Oil prices experienced a significant drop today, with a decrease of over 1% due to the substantial price reductions introduced by Saudi Arabia, a leading exporter, coupled with an increase in the Organization of the Petroleum Exporting Countries (OPEC) production. These factors successfully counterbalanced concerns about the growing geopolitical tension in the Middle East. During early trading, Brent crude saw…
- Business News
Bangchak to balance expansion and emission reduction
Bangchak Corporation Plc, the energy giant, has pledged to harmonise its business expansion with a reduction in greenhouse gas emissions over the next seven years. Chaiwat Kovavisarach, the CEO, emphasised the need to merge profitability with active initiatives to shrink the global warming-causing gases. The company and its subsidiaries are due to receive an allocation of 150 billion baht for…
- Thailand News
Thailand’s energy minister initiates major revamp of energy pricing structure
Pirapan Salirathavibhaga, the Deputy Prime Minister and Energy Minister, pledged to initiate a significant revamp of Thailand’s energy pricing structure, beginning with the removal of refined oil import restrictions. His commitment to this overhaul aims to alleviate the current strain of escalating energy costs on the populace. “I will overhaul the entire system to help ease the current burden of…
- Thailand News
Thailand and Cambodia to resume talks over disputed Gulf region
February will see the reignition of talks between Thailand and Cambodia regarding a disputed region in the Gulf of Thailand, spanning 26,000 square kilometres. This area, rich in energy resources, is a matter of contention as both nations lay claim to it. Experts suggest that the discussions should primarily concentrate on the mutual development of energy resources in the Overlapping…
- Thailand News
Diesel drama: Choice of petrol diminished
In a game-changing move, the Energy Business Department is racing towards Cabinet approval to discontinue the sale of B10 diesel oil, leaving only B7 and B20 options at the pumps. Department Director-General Nanthika Thangsupanich explains this electrifying decision, spurred by the Energy Policy Committee’s bid to streamline diesel oil offerings and clear the fog of confusion for the masses. As…
- Thailand News
Fuelling frustration: Saraburi petrol station owner shuts shop after losing over 1 million baht to deceitful customers
The owner of a petrol station in the central province of Saraburi announced that she will soon close her business after losing over 1 million baht worth of fuel to dishonest customers. The station owner, 67 year old Sirikarn Rakwitham, shared a picture of a sign at her patrol station yesterday, November 27 broadcasting the news. “The station will be…
- Thailand News
PTT Plc to turn Laem Chabang into Thailand’s first green port
PTT Plc, the Thai state-owned oil and gas company, is set to transform Laem Chabang deep-sea port into a pioneering example of green ports across Thailand. Noppadon Pinsupa, the Chief Operating Officer of PTT’s Downstream Petroleum Business Group, revealed plans yesterday for the development of the GPC International Terminal. The terminal, the victor in the bid for the third phase…
- Business News
The Energy Ministry crackdown on petrol retailers stockpiling fuel after price cut
The Energy Ministry has pledged to take stringent action against oil retailers found to be illegitimately stockpiling fuel. This decision comes in response to complaints about a sudden shortage of oil at petrol stations, following the government’s decision to lower the prices of gasohol 91 and gasohol 95. On the morning of November 7, petrol stations across the nation began…
- Business News
Thailand sees 2.3% rise in fuel consumption amid economic growth
Thailand has witnessed a 2.3% surge in fuel consumption in the initial nine months of this year, averaging at 154 million litres daily, in harmony with the country’s economic expansion, according to the Department of Energy Business. There was an upswing in the demand for most fuel types, except for diesel, which saw a minor decline of 4.5% to 69.2…
- Business News
CNG vehicle operators demand fuel price cut amid falling petrol costs
Transport operators providing services with compressed natural gas (CNG) vehicles are pushing for a price cut in fuel from the government following a decrease in diesel and petrol prices, inclusive of a recent 2.5 baht per litre drop for Gasohol 91. A group of operators, including those of passenger vans, congregated in front of the Energy Ministry yesterday, November 2,…
- Business News
Cabinet’s gasohol price cut draws scrutiny despite public approval
The recent resolution by the Cabinet to trim the prices of gasohol 91 and 95 by a single baht per litre has prompted queries from energy experts and firms, despite the public’s eager acceptance of this cost-of-living alteration. This determination was reached following Bangchak Corporation, a crucial oil retailer, increasing the prices of the majority of gasohol types, an amalgamation…
- Business News
Business collaboration: Thailand and Japan’s Wakayama join forces in furniture and agriculture sectors
Thailand is geared towards fostering new partnerships with Japan’s Wakayama prefecture, with a particular emphasis on the co-development of the furniture and agricultural processing sectors. The main objectives of this business collaboration include enhancing product development and expanding export possibilities. Commerce Minister Phumtham Wechayachai, following a discussion with Wakayama’s governor, Kishimoto Shuhei, yesterday, stated that he urged the prefecture to…
- Business News
Israeli-Hamas conflict sparks fears of disruptions in global oil prices
Price fluctuations in global crude oil have surged by 4% following the Israeli-Hamas conflict. This escalation in oil prices has sparked fears, especially among oil companies, as Montri Rawanchaikul, the Chief Executive of PTT Exploration and Production Plc (PTTEP), voiced worries that the conflict may lead to disruptions in petroleum production in the Middle East. Auttapol Rerkpiboon, CEO of PTT…
- Business News
Thai CEOs discuss sustainability’s key role in supply chain survival at SX2023
The Sustainability Expo 2023 (SX2023) has illuminated the essential role of sustainability in successful supply chain networks. The Thailand Supply Chain Network (TSCN) Business Partners Conference, also known as the TSCN CEO Panel, took place at the Queen Sirikit National Convention Center as part of the ongoing expo. The key topic of discussion was the self-application of sustainable practices for…
- Business News
Global stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery
Global stocks experienced a mixed performance yesterday, as investors sought recovery from the significant drop in the previous session, induced by a sharp dip in oil prices. The 10-year US Treasury note, which reached a 16-year high on Tuesday, experienced a retreat after a disappointing US recruitment report surfaced. Adam Sarhan of 50 Park Investments stated that investors are entering…
- Business News
Thailand’s fuel consumption rises despite diesel usage drop, reveals report
The Department of Energy Business in Thailand has revealed a 2.3% rise in the country’s fuel consumption to 155 million litres per day (MLD) in the first eight months of the year. This comes despite a decrease in diesel usage by 3.9% to 70 MLD, attributed to escalating prices. A shift in domestic diesel consumption is anticipated in October, following…
- Business News
Thai govt’s shocking move: Sparks fly as power tariff gets a jolt down
The Thai government, under the leadership of Srettha Thavisin, has swiftly approved a plan to lower the power tariff, with the goal of reducing electricity bills for the public. The tariff rate has been revised from 4.45 baht to 3.99 baht per kilowatt-hour, applicable from September to December this year. However, for a long-term solution to high electricity costs, a…
