Briefs

The Thai unit of US oil firm Chevron plans to cut 800 staff this year as it looks to cut costs by half a billion dollars to weather the sharp fall in global energy prices and weaker demand.

“The cuts will help the company to continue operations in Thailand,” president Pairoj Kaweeyanun told reporters after meeting with Energy Ministry officials yesterday.

The cuts would take effect on August 1, the company said in a statement. 

Chevron aims to make savings of US$500 million (Bt17.7 billion) in Thailand this year, he said.

Chevron Thailand Exploration and Production employs about 2,200 staff and 1,700 contractors, the statement said. – Reuters

 

Countries set for final FTAAP talks

This week 21 trade ministers in Asia-Pacific countries will meet in Peru to encourage the finalisation of the free-trade agreement in the region this year.

Winichai ChaemChaeng, vice commerce minister, said yesterday that he will lead a delegation to Arequipa in Peru for the 22nd meeting of Apec trade ministers from today to tomorrow.

The meeting is set for finalising the FTAAP negotiation by the end of this year and leveraging small and medium-sized enterprises’ competitiveness in the region.

Peru, the host, will propose talks on SME development, global trading and e-commerce. 

Thailand will support talks on the World Trade Organisation and the development of human resources for developing countries.

 

EXIM Bank funds solar farm projects in Japan 

The Export-Import Bank recently signed a Bt1.31 billion financial facility for Premier Solution’s acquisition of solar panels and equipment for six solar farm projects operated by Chow Steel Group with total capacity of 8.74 megawatts in Japan’s Fukui prefecture. 

Chow Steel Group has planned power sales for 20 years to Hokuriku Electric Power Co, an electricity supplier in Japan

Chow Steel Group has been among Thai investors pioneering the solar farm business in Japan over the past two years, with 23MW solar farms now in commercial operation.

 

TTA announces lower losses 

Thoresen Thai Agencies Plc (TTA) announced yesterday that its overall performance for the first three months improved 13 per cent year-on-year and 61 per cent from the previous quarter, with normalised net loss to TTA of Bt224.5 million.

“We are pleased that Thoresen Shipping Group was able to outperform the market and Mermaid Maritime Group’s subsea service achieved a new contract in what is typically a seasonally weak quarter. 

“This is at a time when shipping business faced the worst downturn in nearly 30 years and crude oil prices were at 13-year-low level in the first quarter of this year. 

TTA has also implemented further cost reduction measures resulting in significant reduction of SG&A (Selling, General and Administrative Expenses) by 44 per cent,” said president and chief executive Chalermchai Mahagitsiri.

However, we expect shipping business and oil & gas industry would continue to face volatility and slowdown through 2016. Therefore, we continue to focus on cost control initiatives, efficient and effective execution, prudent new investment policy, and with our healthy balance sheet, we are positioned to weather these challenges,” he said.