Breifs

Chanin Chaonirattisai, president of Electricity Generating Group, said yesterday that its subsidiary Star Energy Geothermal, in which Egco Group holds a 20-per-cent indirect-ownership interest, received approval on June 27 for a tariff adjustment from the Indonesian electricity authority Perusahaan Listrik Negara.
The adjusted tariff under energy0sales contracts has been increased by 40 per cent on average, enabling Egco Group to recognise immediately additional earnings in proportion to its shares, he said.
Star Energy Geothermal owns and operates the Star Energy geothermal power plant in Bandung, West Java.

PTTEP WINS RIGHTS FOR MALAYSIA BLOCK

PTTEP HK Offshore, a subsidiary of PTT Exploration and Production, yesterday co-signed a production-sharing contract (PSC) with Petroliam Nasional (Petronas), for the exploration of Block SK410B.
“Malaysia is renowned as being an area in Southeast Asia of high petroleum potential,” said Somporn Vongvuthipornchai, president and CEO of PTTEP.
“From 2011-15, oil and gas were discovered continually and SK410B is situated in an area where there have been considerable natural-gas discoveries.
“Furthermore, the acquisition of this block is in alignment with PTTEP’s strategy for future growth,” he said.
The other signers of the PSC were |Kufpec Malaysia (SK-410B) and Petronas Carigali.

INDONESIA HOLDS
KEY RATES

Indonesia’s central bank yesterday held its benchmark interest rate, contrary to expectations for a fifth cut this year, and said previous easing moves were helping the sluggish economy improve.
The 12-month reference rate, its current benchmark, was kept at 6.50 per cent. Eleven of 16 economists in a Reuters poll had predicted a 25-basis-point cut.
Next month, Bank Indonesia (BI) will switch to the seven-day reverse repurchase rate as its benchmark. That rate was also held at 5.25 per cent.
BI’s easing moves have been aimed at boosting GDP growth, which last year slid to 4.8 per cent, the lowest since 2009.
The central bank’s change in the benchmark, announced in April, is intended to transmit monetary policy to the market better, which should increase the impact of its easing cycle.
BI said yesterday that transmission had improved, and expects April-June growth will show “limited” gains from the first quarter, which disappointed with 4.9 per cent.|– Reuters