briefs

CP targets stake in US company

Thai tycoon Dhanin Chearavanont, chairman of Charoen Pokphand Group, said the Group will acquire shares in a business with retail network in the US as part of its strategy to expand the presence of

CP products there. It will also bring products of the targeted company to be sold in Thailand.

However, he declined to elaborate further. He made the remark on the sideline of the Thailand-China Business Council seminar "Looking to the global, looking Thailand to 2015," yesterday.

The CP Group last month acquired a 15-per-cent interest worth US$9.5 billion in Ping An Insurance, China’s second largest insurance company.

AFET in S'pore MoU

The Agricultural Futures Exchange of Thailand (AFET) has signed a memorandum of understanding with the Singapore Mercantile Exchange (SMX), a pan-Asian commodity and currency derivatives exchange from Singapore.

The signing of the agreement, witnessed by Commerce Minister Boonsong Teriyapirom, marks the beginning of a collaborative effort with the objective of enhancing both sides' capabilities on the international stage through exchanges of knowledge and experience on various regulatory matters.

AFET and SMX will together create or revise terms and conditions for futures contracts, strategic direction, regulatory systems and procedures for handling high-priority contracts.

PTT in NGV boost

PTT will boost its NGV (natural gas for vehicles) distribution capacity to ensure sufficient supply to users.

The giant oil firm will boost distribution capacity of its master stations this year by 1,646 tonnes per day, up 20 per cent from last year. Its NGV supply will increase once it finishes building a fourth pipeline to Nakhon Sawan and Nakhon Ratchasima in 2015.

It will open an additional seven NGV retail stations in greater Bangkok locations with high demand and provide enough transport vehicles to supply NGV to these locations. The firm will also support NGV business operators to provide comprehensive business and service.

2nd Samui plant

The Provincial Electricity Authority officially kicked off operations at its Samui Power Plant 2 yesterday, to provide electricity to Samui and Pha-ngan islands.

The plant, which cost Bt204.8 million, tested power supply to the islands on March 2 and is expected to serve the demand of both islands for the next 10 years.

Samui Power Plant 1, which serves both islands, can handle maximum electricity demand of 90 megawatts, versus peak demand of 105MW. Plant 2 can serve total demand of 200MW.