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Thailand signs MOU on Trans-ASEAN Nations Gas Pipeline Project
Thailand has joined other member countries of the
Association of Southeast Asian Nations (ASEAN) in signing a memorandum of
understanding (MOU) on the Trans-ASEAN Gas Pipeline (TAGP) project,
according to minister to the prime minister’s office, Phongthep
Thepkanjana.
The TAGP project, which is expected to be funded by a
budget of US$7.0 billion, will link the 10-nation grouping’s key natural
gas distribution centers with the pipeline structure which connects with
natural gas sources in the Gulf of Thailand, Sumatra, and the South China
Sea.
Phongthep said the MOU on the TAGP project was signed
at the 20th ASEAN Energy Ministers’ Meeting, held in Nusa Dua of
Indonesia’ resort island of Bali on July 5th.
Phongthep, who oversees the National Energy Policy
Office (NEPO), attended the meeting and signed the MOU on behalf of the
Thai government.
ASEAN now groups Brunei, Cambodia, Indonesia, Laos,
Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Phongthep said that the MOU will be used as a broad
framework among ASEAN member countries for coordination and cooperation in
studying the use, marketing, sale, and distribution of national gas. It
will also be used to push for the implementation and achievement of the
project.
Indonesian minister of energy and mineral resources,
Purnomo Yusgiantoro stressed in his welcoming address at the meeting in
Bali that the TAGP project will enhance energy supply security in the
region.
Seven potential interconnections have been identified
under the TAGP project involving a total length of 4,500 kilometers, four
of which involve the supply of gas from Indonesia to neighboring ASEAN
countries.
Indonesia had already developed sub-sea pipeline supply
gas from West Natuna to Singapore and Malaysia, and plans are being
studied to develop a pipeline network to supply gas from Indonesia to
Thailand.
ASEAN has also agreed to develop an ASEAN Power Grid
project, which will integrate the power infrastructure of ASEAN member
countries.
A master plan on the ASEAN Power Grid interconnection
was undertaken by a forum for the Heads of ASEAN Power Utilities (HAPUA),
and will be completed by early next year. (TNA)
New BMW 7 series manufactured in Rayong will be painted by Volvo’s Thai Swedish Assembly in Samut Prakarn
Volvo’s Thai Swedish Assembly (TSA) has been selected
by International Manufacturing Department of the BMW Group in Munich to
provide painting services for the new BMW 7 series to be manufactured in
the BMW Group’s Rayong plant.
Jorgen Hakansson, managing director of the TSA plant
stated, “We are proud to be chosen for this service. It underlines the
quality of our paint shop, painting technology and plant management.”
TSA is the biggest automobile assembler for large Volvo
cars in the Asian region and has over 26 years of experience on Thailand.
As Volvo’s first complete manufacturing base outside Sweden, TSA
emphasizes perfection in every phase of the production line. Furthermore,
the highly sophisticated car plant in Thailand employs the most advanced
technology available in the car manufacturing industry.
Currently, the TSA plant builds the whole range of
Volvo CKD cars for the Thai market and export to Indonesia and Malaysia.
It also assembles the CKD version of Land Rover’s Free Lander as well as
Volvo trucks and buses.
NESDB has ideas on how to sustain economic growth
The National Economic and Social Development Board is
urging the government to stimulate the economy in the short run, boost
household consumption, stress macro-economic growth and oversee capital
movement.
Secretary-General Chakkramon Pasukvanich said the NESDB
has evaluated the economic situation and progress already made in the
implementation of government economic policies. The board has also
analyzed problems and is suggesting ways to turn a crisis into an
opportunity for sustained economic development in line with the policy
provide by deputy prime minister and finance minister, Somkid Jatusripitak.
Chakkramon said that considering the overall economy
right now, flexible short term monetary and fiscal polices would promote
growth. He stressed that the non-performing loan problem urgently needs to
be solved in order to boost investor confidence and encourage financial
institutions to lend.
NESDB feels private consumption must be given a boost
by creating new job opportunities. More jobs provided throughout the
country will strengthen the economies of communities.
The board also suggests the government increase foreign
currency revenue through export and tourism promotion to ensure a balanced
economic recovery.
The government’s management of the macro-economic
policy must be efficient to sustain growth. Efficient management at the
macro level would boost the stability of the financial institution system
and the fiscal position of the government.
According to the analysis of the NESDB, the capital
market should be also developed in order to provide an alternative
fund-raising tool for the real economy sector.
Regarding monetary policy, the NESDB suggested the
government monitor the volatile capital movement closely, promote good
corporate governance and improve the operation of financial institutions.
The board also advised that the government go ahead and set up the deposit
insurance system.
Financial institutions need to be encouraged to help
distribute growth and strengthen community economy.
On the fiscal policy, the board suggests that the
government should manage public debt more efficiently and accelerate
fiscal decentralization into local areas as much as possible. (TNA)
Prime minister expects Thai currency to rise
Prime Minister Thaksin Shinawatra has been criticized
for predicting the Thai currency, battered by the Asian financial crisis,
could rise to 30 baht to the U.S. dollar from the current 41 baht.
Thailand’s central bank has advised that the Premier refrain from making
comments on the currency situation.
Thaksin said, “Augmented by proper foreign policy, an
exchange rate of 30 baht to the U.S. dollar is likely to be achieved
soon.”
He said the Bank of Thailand, the country’s central
bank, had been successful in managing the floating of the baht. He also
noted a weakening of the U.S. economy.
The baht has been gaining strength in recent months,
rising steadily from the 45-baht level. Before the 1997 financial crisis,
which erupted in Thailand, the baht had stood at 25 to the U.S. dollar. (TNA)
British Chamber of Commerce held another networking evening last weekend
The BCCT returned to the Eastern Seaboard last Friday
to host another successful networking evening at the Bang Saray Club just
outside Pattaya. The event was co-sponsored by the Travel Clinic and Swiss
International Airlines.
 Greg
Watkins, the energetic and effervescent executive director of BCCT is all
smiles as he basks in fame and glory claiming that the BCCT networking
evenings are simply the best.
The evening was not without surprises, as Brian
Sinclair-Thompson, Swissair’s general manager for Thailand, Laos,
Myanmar, Cambodia and Vietnam sponsored a return ticket to Singapore in
the raffle.
The Bang Saray Club provided a great venue for the
evening with many choosing to make use of the club’s outside gardens for
the networking natter. All in all, everyone had an enjoyable evening.
 Swiss
International’s Brian Sinclair-Thompson presents the round-trip to
Singapore prize to lucky winner Tim Beaumont of Woods Bagot with Graham
Macdonald in attendance.
This was also the last networking night for a while on
the Eastern Seaboard, as the next BCCT meeting is scheduled for some time
in September.
Suwanna
with the team from co-sponsors Swiss Internaitonal Air Lines headed by
Brian Sinclair-Thompson.
Three
of Bangkok’s finest roving golfers and networkers - Martin Baker of
Castrol, Roger Parry of PPI and Chris Davidson of Marconi.
Our
hosts for the evening - David Goulden of the Bang Saray Club and Suwanna
Viroonchan of The Trave Clinic.
BCCT
Eastern Seaboard Committee Chairman Graham Macdonald with David and Cheryl
Lamb from Dunlop and friends.
Friends
one and all - from left Tira Charuvastr of Dunlop, Maurice Boak of
NETsolutions Asia , Martin Baker of Castrol, Laurence Goodliffe of
Cunningham Lindsey and Martin Conisbee of Tyco Earth Tech networking just
before the sun went down.
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