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Deputy Prime Minister Somkid Jatusripitak wants to slash the Ministry of Industry's budget for 2017 from the proposed Bt11 billion for efficiency.

According to Industry Minister Atchaka Sibunruang, most of the budget will be used to support 10 targeted industries in line with government policy.

Somkid said he had asked the ministry to establish 10 working groups for the 10 selected industries or New S-Curve. The ministry was also asked to be ready for the promotion of industrial clusters, small-and medium-sized enterprises (SMEs) and start-up operators as well as making connection with universities and the private sector.

PTTEP’s 5-year budget

PTT Exploration and Production Plc plans to invest $11.09 billion (Bt400 billion) from 2016-20.

The investment sum was cut by 25 per cent, reflecting the significant decrease in oil prices. 

Of the five-year capital expenditure budget, $2.09 billion will be spent next year to maintain the production levels of existing projects, primarily Arthit, S1, Bongkot, Contract 4 and MTJDA.

PTTEP has concentrated on cost-cutting, with actual investment expenses for this year expected to be lower by 25 per cent than the budget set out at the beginning of the year. The 2016 expense budget will maintain this trend and the company will closely monitor oil prices, said Somporn Vongvuthipornchai, president and CEO yesterday.

Negative Thai sentiment

Despite inching up 1.75 points this month, the Thai gold-price confidence index remains below the 50-point benchmark line for the second consecutive month at 45.06, reflecting negative sentiment on local gold prices, according to the Gold Research Centre.

Advertising spending

Advertising expenditure last month fell 1.79 per cent to Bt10.64 billion, from Bt10.83 billion in the same period last year. Analogue-TV advertising suffered an 8.15-per-cent drop to Bt4.91 billion, Nielsen (Thailand) found.

Govt to sell rotten rice

The Rice Policy and Management Committee yesterday agreed to sell 37,412 tonnes of rotten rice to two enterprises for electricity and fertiliser production, with the government bringing in Bt198 million from the sales.

Agriculture Minister Chatchai Sarikulya, as vice chairman as the committee, said the government will face a loss of about Bt700 million from selling the produce, as the normal cost of rice grown under the now-defunct pledging scheme is Bt15 a kilo.