Search Results for: petroleum
- Thailand News
New government policy statement urged to focus on escalating costs, tourism
Public expectations are high as the government prepares to present its policy statement in Parliament today, with the populace eager for it to fulfil commitments to resolve daily-life issues and rejuvenate the economy. Leaders in various sectors have made their pleas, requesting the new government to pay attention to its policy to the needs of their industry. Thaniwan Koonmongkon, head…
- World News
Fuel tank trouble: Mysterious skyfall damages three cars in Turkey
A puzzling incident occurred in Turkey, when a large fuel tank mysteriously fell from the sky, damaging three parked cars. Initial reports suspect that the tank originated from a military aircraft. The alarming incident took place in Turkey on Monday, September 4, when a fuel tank seemingly broke away from an aircraft in flight and landed in a parking area…
- Business News
Bangchak acquires Esso Thailand bolstering network and refining capacity
In a significant move in Thailand’s petroleum sector, Bangchak Corporation secured a resounding acquisition of Esso Thailand. ExxonMobil Asia Holdings’ relinquishing of a 65.99% majority stake to Bangchak marks the completion of this transaction. As a consequence of this development, around 700 Esso petrol stations throughout the country will commence operations under Bangchak’s brand, starting tomorrow. Chaiwat Kovavisarach, the Group…
- Business News
Liquid dreams: Thailand’s Pilatus Marine charts global growth with 1.05 billion baht vessel acquisition
Pilatus Marine, a SET-listed company and Thailand’s leading liquefied petroleum gas (LPG) transport operator, is set to acquire three large used liquid-carrying vessels for a total cost of 1.05 billion baht. This move is aimed at expanding their services overseas. Operating in both marine and land transport of LPG, Pilatus Marine also leases vessels to other companies. The incoming ships,…
- Business News
PTTEP issues alert over potential Thai gas production and supply disruption
PTT Exploration and Production Plc (PTTEP) voiced its concern to the energy authorities regarding potential barriers that may impede the continued production of gas in the Gulf of Thailand. The current license to operate in the Pailin gas block is set to end in 2028. The reoccurrence of a disruptive incident similar to the one at the Erawan gas block…
- World News
Explosion rocks Johannesburg: 41 injured, cars tossed as main road ruptures in suspected gas blast
Johannesburg yesterday was shaken by an explosion, disrupting a central part of the city located in the northern region of South Africa. The blast caused a significant rupture on a main tarmac road, and several vehicles, including a mini-bus, were hurled by the blast’s force. A reported 41 people were injured due to the incident. Emergency services initially suggested that…
- Phuket News
Phuket to face power cuts for PEA Thalang’s system enhancements
The Thalang division of the Provincial Electricity Authority (PEA Thalang) issued a statement declaring two separate power interruptions planned for tomorrow. The blackouts are reported to impact both residences and businesses in the areas of Bang Tao and Pa Khlok, Phuket. The Bang Tao power cut, specifically in the region of Cherng Talay, is scheduled from 9am through to 4.30pm.…
- World News
Selfie with unconscious victim sparks outrage across social media
In a chilling incident, a female tourist sparked outrage when she took a smiling selfie with an unconscious person in China. The incident which occurred at Chunshenjian, a public park at Xihuyuan in Uxie City, Jiangsu province, China, sparked widespread criticism online as the woman blatantly disrespected the person’s distressing situation. The woman was casually walking through the park when she…
- Thailand News
ASEAN membership: Roadmap endorsed for Timor-Leste’s inclusion and Thai trade
Yesterday, a senior official at the Ministry of Foreign affairs announced that the Association of Southeast Asian Nations (ASEAN) has recently endorsed a roadmap that outlines the steps for Timor-Leste becoming its 11th member. This ASEAN membership move is expected to benefit Thailand economically by expanding trade and investment opportunities between the two nations. Timor-Leste initially submitted its request for…
- Business News
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
- World News
Malaysia’s NIMP2030 to boost economic complexity, targeting key sectors
The Ministry of Investment, Trade and Industry in Malaysia is working on the New Industrial Master Plan 2030 (NIMP2030) to drive industrial development and increase the nation’s economic complexity. Set to launch in August, NIMP2030 aims to align with the New Investment Policy (NIP), which has identified five key sectors for enhancing future exports of complex products. These sectors include…
- World News
Sarawak launches major offshore carbon capture project, eyes 3.3m tonne reduction
The Sarawak government in Malaysia has announced the launch of a carbon capture storage (CCS) project in the Kasawari fields, off the coast of Sarawak, through the state-owned Sarawak Petroleum Berhad (Petros). Sarawak Premier Tan Sri Abang Johari Openg stated that the project is expected to reduce up to 3.3 million tonnes of carbon dioxide annually, making it one of…
- World News
Pakistan welcomes first Russian crude oil shipment amid economic crisis
Pakistan has welcomed its first shipment of Russian crude oil, marking a new chapter in the relationship between the two nations. The cargo, containing 45,000 metric tonnes of crude oil, arrived in Karachi, with an additional 50,000 metric tonnes expected later this week. Prime Minister Shehbaz Sharif hailed the arrival as a “transformative day” for the economically troubled country. As…
- Business News
Chevron Thailand’s gas game-changer: Boosting domestic supply and breaking free from costly imports
Chevron Thailand Exploration and Production aims to boost domestic gas supply to reduce the Thai government’s reliance on costly liquefied natural gas (LNG) imports, with plans to increase petroleum production in the Gulf of Thailand. The US-based company was granted a licence to explore and produce petroleum at Block G2/65, an area of 15,030 square kilometres in the gulf, under…
- Economy News
Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
- Business News
Foreign investors sell 100 billion baht in Thai stocks and shares amid global rate rise
In the first five months of this year, foreign investors offloaded almost 100 billion baht worth of Thai shares, with 33.4 billion baht sold in May alone, due to increasing global interest rates and uncertainties surrounding the formation of a new government. Despite this, the Stock Exchange of Thailand (SET) expressed optimism yesterday, believing that the recent easing of the…
- World News
Opec+ agrees extended production cuts to boost flagging oil prices
Oil-producing nations have agreed to extend production cuts in an effort to support struggling prices. Saudi Arabia announced its intention to reduce output by one million barrels per day (bpd) in July, while Opec+ stated that targets would decrease by an additional 1.4 million bpd from 2024. Opec+ represents approximately 40% of global crude oil production, and its decisions significantly…
- Business News
Thailand’s MPI growth faces stagnation amid export slowdown and high costs
The Manufacturing Production Index (MPI) in Thailand is predicted to experience subdued growth of 0-1% this year, owing to a combination of domestic and international business challenges. The April MPI reading was the lowest in 34 months, with an 8.14% year-on-year drop to 83.5 points, marking the seventh consecutive decline since October last year, according to the Office of Industrial…
- Business News
Thai Oil predicts equal oil demand and supply, boosted by Asian refineries
Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced. Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a…
- World News
G7 leaders convene in Hiroshima to discuss Russia sanctions, China strategy
G7 leaders have gathered in Hiroshima, Japan, to discuss tighter sanctions against Russia and protective measures against China’s “economic coercion”. Japanese Prime Minister Fumio Kishida is hosting the summit in a city marked by its history of nuclear destruction. Over the course of three days, leaders, including US President Joe Biden, will work on presenting a united front on issues…
- Business News
Exploring the possibility of a new departure tax in Thailand
As the general election approaches, the introduction of a new tax is considered an extremely sensitive issue and a rare political tactic. Despite this, the Revenue Department moved forward last week to address concerns regarding a potential new departure tax on outbound travellers, based on a 40-year-old “emergency decree”. The department confirmed it has no plans to introduce a departure…
- Thailand News
Departure Tax: Thailand considers charging 1000 baht to leave country
Thailand‘s Revenue Department proposed that a 1000 baht “departure tax” be charged upon Thai citizens and foreign permanent residents in a bid to prevent excessive overseas spending. The idea has been met with resistance from tourism officials. Airline passengers would be charged 1000 baht to leave the country and those exiting via land and sea would be charged 500 baht…
- Business News
Rising electricity bills spark energy policy debate ahead of Thai general election
High electricity bills have become a significant concern for voters, leading political parties to focus on their energy policies as they look to gain support in the upcoming general election. This comes after a new power tariff of 4.70 baht per kilowatt-hour took effect, which has resulted in costlier electricity bills for consumers. The Energy Regulatory Commission decided to reduce…
- Business News
Dexon Technology’s overseas expansion strategy amid global recession forecasts
Despite numerous predictions of a potential global economic recession, Dexon Technology’s chief executive Mallika Kaekla is confident that the company’s strategy to expand overseas will help boost revenue this year. Established in 1996 close to the Map Ta Phut industrial estate in Rayong province, Dexon Technology originally provided engineering inspection services for the energy and petrochemical sectors, ensuring efficiency and…
- World News
Norway surpasses Russia in energy exports
Norway is now surpassing Russia in energy exports. In a remarkable turn of events, a humble office building overlooking a fjord in Stavanger, Norway, now holds the key to European energy security. Here, the company Petoro oversees several of the continent’s largest oil and natural gas fields on Norway’s petroleum-rich continental shelf. This unassuming location has become central to Europe’s…
- Economy News
Big Oil Majors production cuts, what this means to airfares
The recent move by the Big Oil Majors to cut production by over one million barrels a day as a “precautionary” measure to stabilize the oil market will have a domino effect on airfares, according to industry experts. The Organization of the Petroleum Exporting Countries (OPEC) yesterday announced plans to lower oil production by 1.16 million barrels per day, starting…
- Economy News
Big Oil Majors take precautionary step to stabilize oil market by cutting production
The globe’s major oil companies, commonly known as “Big Oil Majors,” made a somewhat surprising move to cut production by over one million barrels per day as a “precautionary” move to stabilise the oil market. Russia, a leading member of the OPEC+ cartel, also decided to extend their existing cut of 500,000 barrels per day until the end of the…
- Business News
Foreigners invest 5 billion baht in Thailand in January 2023
In the first month of 2023, foreign investment in Thailand amounted to 5.129 billion baht, the biggest investors being the Japanese, investing 3.588 billion baht. Foreign investment is expected to reach 100 billion baht by the end of the year. Today, Deputy Minister of Commerce Sinit Lertkrai revealed 52 cases of foreign investment in January under the Foreign Business Act…
- Environment News
Locals seek 5 billion baht from oil spill
After an oil spill a year ago, villagers and small businesses in Rayong are suing all involved and seeking 5 billion baht in damages. Star Petroleum Refining (SPRC), PTT Global Chemical and several government agencies are named in the suit for their part in the oil spill last January. The lawsuits have been filed by the Rising Sun law firm, which…
- World News
Norwegian lessons for Thai shipwrecks
A Norwegian naval officer is on stand trial, accused of negligence that led to a 2018 collision between the frigate he commanded and an oil tanker. The warship sank and has since been salvaged for scrap. A replacement for the lost Helge Ingstad frigate will cost up to US$1.3 billion (40 billion baht). The case demonstrates that strange things do…
