News feed

Refineries plan temporarily to cut their liquefied-petroleum-gas supply of 20,000-50,000 tonnes per month to petrochemical plants. This is to ease the supply shortage following the temporary shutdown of PTT’s gas-separation plant Unit 5 in the Map Ta Phut industrial zone of Rayong, according to Surong Bulakul, chief financial officer of PTT. 

The cut will last until the plant is completely repaired, he said. The refineries have combined LPG production of 80,000 tonnes a month, of which 20,000-50,000 tonnes is allocated to the petrochemical industry. 

Last week the Energy Ministry asked refineries to boost their LPG output to offset the supply shortage.

 

SEC files criminal complaint

The Securities and Exchange Commission yesterday filed a criminal complaint with the Department of Special Investigation against Hans Jorgen Nielsen for alleged insider trading in LV Technology stock.

In a statement, the SEC said that while performing his duty as LVT adviser and president, Nielsen received non-public information on LVT’s new projects. On May 7, 2010, he sold 3.45 million LVT shares in his daughter’s trading account. He was an LVT adviser who had accessed information on the company projects that generated revenue. 

On becoming LVT president, he obtained information on negative operating results, which caused the company to record a Bt37.6-million net loss in the first quarter of 2010, or a 179.9-per-cent decrease from the Bt47m net profit in the same quarter a year earlier. His action was allegedly in violation of Section 241 of the Securities and Exchange Act. He had agreed to enter the settlement procedure, but later declined to do so. The criminal case has not been regarded as settled, so the SEC had to file the criminal complaint against Hans for further legal proceedings.

 

Sino-Thai to build power plant

Sino-Thai Engineering & Construction on May 18 signed a Bt4.38-billion contract to build the Khanom combined cycle power plant in Nakhon Si Thammarat. The deal requires the firm to complete the work by June 2016.

The contract, awarded by Khanom Electric-ity Generating, covers the construction, system works and equipment. According Khanom Electricity, the new plant will have a total contracted capacity of 930 megawatts. The signing ceremony for the power purchase agreement was held on July 25. 

 

Japan top investor in VN

Japan remains the biggest investor in Viet-nam with its share of investment rising sharply in recent years, according to the Vietnamese Ministry of Planning and Investment. 

“In 2012 Japanese investment represented 50 per cent of the total investment the country attracted,” Nguyen Ba Cuong, deputy head of the Foreign Investment Agency, told the Sai Gon Giai Phong (“Liberated Saigon”) newspaper. – Viet Nam News/ANN