EXIM Thailand backs firm building safe LPG cylinders
Export-Import Bank of Thailand is financing the production of LPG composite cylinders that can safely be used in the home.
Senior executive vice president Wantana Mongkolsri said on Wednesday that EXIM Thailand had agreed to provide a seven-year Bt21.94-million loan to Phacharasin Plastic and Trading Ltd, a manufacturer and distributor of plastic products.
The loan will finance production of LPG composite cylinders in Nong Khai province as part of the EXIM’s collaboration with the Ministry of Science and Technology’s National Science and Technology Development Agency, supporting scientific and technological engineering, research and development in the private sector with low-interest loans. The financing reduces production costs and boosts Thai exporters’ competitiveness overseas.
This financial provision aims to support small and medium-sized enterprises that cater to the export supply chain.
LPG composite cylinders are widely used in Europe and the United States due to several features. They don’t emit sparks if struck hard and are non-corrosiveness, rust-free and longer-lasting than conventional steel cylinders.
The composite cylinders’ low thermal conductivity can help prevent explosions when exposed to external heat. They can replace steel cylinders, which in recent years have been used by bombmakers, including in Thailand’s restive southernmost provinces.
Thai entrepreneurs have been unable to successfully produce this kind of cylinder, often encountering leaks between the joints and cylinder body. But Phacharasin Plastic and Trading has found the solution in a plastic rotation moulding process and body-joint cylinder production.
The company plans to launch its machinery-line improvement and factory construction worth Bt35.18 million in Nong Khai. The cylinders would be sold domestically and exported to neighbouring countries.
“To help support the healthy and steady growth of Thai exports,” Wantana said, “EXIM Thailand has worked closely with both the public and private sectors in promoting research and development of technologies and production process, so as to add value to Thai exports and further enhance the development of Thai manufacturing sectors in the long term.”
