Textile giant Lenzing’s Lyocell plant in 304 Industrial Park ready to kick off production

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Lenzing Group is committed to reduce its greenhouse gas emissions per ton of product by 50 percent by 2030.

Textile giant Lenzing’s Lyocell plant in 304 Industrial Park ready to kick off production

The specialty fiber producer Lenzing has announced the completion of an investment of the world’s largest Lyocell fiber manufacturing plant, which is consisting of an advanced innovative production and using biodegradable and environmentally friendly wood fibers at its site in the 304 Industrial Park in Prachinburi Province. 304 Industrial Park is sustainable eco-industrial town offering full ranges of utilities that meet all client queries. Meanwhile, Lyocell plant itself has an annual production capacity of more than 100,000 tons, with a total investment of more than 400 million euros or about 15 billion baht.

It is an important collaboration of both central and local government, the Board of Investment of Thailand (BOI), and 304 Industrial Park in promoting and supporting this huge investment of Lenzing in Thailand amid the challenges of the COVID-19 pandemic. Over more than two years of support and cooperation, today Australia’s giant textile manufacturer Lenzing that is using an innovation Lyocell, has announced the official opening of the factory on the site of over 311 rai or 497,600 sq.m in 304 Industrial Park in Prachinburi Province.

Mr. Cord Prinzhorn, CEO of Lenzing Group stated that “We are very proud of this achievement. Our sincere thanks go to the entire Lenzing team and especially to our staff in Thailand but also to many external stakeholders, who joined forces in times of a global pandemic to make this key project reality. To deliver such a huge project in time and at budget is an outstanding achievement given the challenges of the global pandemic”

Lenzing Group has built the specialty fiber plant “Lyocell” and is now producing product from wood pulp under the “TENCEL” brand – the world leading eco-friendly textile innovation. The plant is the largest production base of Lenzing Group, with an annual production capacity of 100,000 tons. The 400-million euro or approximately 15-billion baht manufacturer is set to produce specialty fibers to meet with rapidly growing demand in the global market. This plant also reflects strength as a leading player in the specialty fiber market and the group’s policy towards Zero Carbon.

Lenzing Group is committed to reduce its greenhouse gas emissions per ton of product by 50 percent by 2030. Lenzing Group is looking for global investment that meets its business needs in terms of good infrastructure, raw materials, and clean energy sources. 304 Industrial Park is the best answer for Lenzing Group’s investment where it has chosen and built this large factory since 2019.

Mr. Yothin Dumnernchanvanit, President of National Power Supply Public Company Limited and 304 Industrial Park said, “It is very proud that Lenzing has chosen 304 Industrial Park for its world’s largest production base for Lyocell fibers. 304 Industrial Park is a quality industrial park under the concept of an eco-industrial town and is committed to developing utilities that are ready to support all levels of demand as well as to meet the needs of environmentally friendly industries like Lenzing who needs clean energy. 304 Industrial Park is located on Highway No. 304 and is on a high land and flood-free zone in Prachinburi Province. There is a convenient transportation connect to Bangkok. It is close to the airports, ports, and is also easily connected to ASEAN,”

In addition, 304 Industrial Park is supported by the alliance National Power Supply Public Company Limited – NPS, the largest biomass power base in Thailand that produces a capacity of 398 MW as well as producer of solar energy. 304 Industrial Park also built a large reservoir independently of natural water sources capable of supplying up to 160,000 cubic meters of water per day. Its capacity can be expanded to serve the increasing demand. Furthermore, the standard treatment systems are provided and waste disposal systems are zero discharged.

“The reasons Lenzing Group choosing 304 Industrial Park as its main production are the location that is in a high-altitude, flood-free zone, sufficient raw materials for production, and the complete utilities. In particular, there is clean energy of biomass, which will help Lenzing to reach its Zero-Carbon goals. As well, there is convenient transportation for Lenzing Group. Additionally, there are many large businesses that choose to invest in 304 Industrial Park and I will provide information in the future,” Mr. Yothin concluded.

Published : March 23, 2022

PTTEP subsidiary wins bid to explore for oil in new block in Malaysian sea

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A subsidiary of the PTT Exploration and Production has won a bid to survey for oil and gas in a new block in Malaysia’s sea, PTTEP said on Wednesday.

PTTEP subsidiary wins bid to explore for oil in new block in Malaysian sea

PTTEP’s chief executive officer, Montri Rawanchaikul, said the company’s subsidiary, PTTEP HK Offshore Ltd, and its Malaysian partner, SapuraOMV Upstream, have signed a production-sharing contract with Petronas. The joint venture was awarded the right to survey in Block SB412, northwest of Sabah state.

Montri said the joint venture won the Malaysia Bid Round 2021 to win the right to carry out the survey and now PTTEP has had 12 survey contracts in Malaysia.

The Block SB412 has an area of 15,914 square kilometres. Montri said the initial geological study showed that the plot has high crude oil potential and crude has been found in nearby blocks.

Montri added that the nearby area has the infrastructure to support an oil refinery.

He said PTTEP HK Offshore will be the operator under the contract and it holds a 60 per cent stake in the joint venture, while SapuraOMV holds 40 per cent.

Other oil survey blocks in Malaysia which the PTTEP has won the right to survey include SK405B, SK410B, SK348, and PM407.

Montri said the crude oil surveys in Malaysia are being carried out under the “Coming Home” strategy, under which PTTEP will shift its focus to do more surveys for crude oil in Southeast Asia.

Published : March 23, 2022

By : THE NATION

Baht could test resistance level of 33.75 to the dollar: market strategist

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The baht opened at 33.66 to the US dollar on Thursday, weakening from Wednesday’s close of 33.60.

Baht could test resistance level of 33.75 to the dollar: market strategist

Krungthai Bank market strategist Poon Panichpibool expects the Thai currency to move between 33.55 and 33.75 during the day.

Poon said the baht was likely to swing in a wide range and could test the resistance level of 33.75 to the dollar.

With the market closing to risks and the energy price increasing, investors are worried Thailand’s current account might fall deeper into deficit than expected.

Poon suggested close monitoring of foreign investor moves to see if they were going to buy short-term bonds or offload the bonds after returning to purchase Thai stocks.

In the short term, Poon predicted, the baht’s resistance level would be 33.75, a level which could see exporters offloading the dollar. The key support level would be 33.20, which would spur importers to purchase the greenback, he said.

Poon said the market was closed to risks again after unsuccessful peace negotiations between Ukraine and Russia.

The market was worried western countries might slap Russia with added sanctions, especially those to do with energy, which would lead to further energy price increases, Poon added.

Published : March 24, 2022

By : THE NATION

SET Index may go through seesaw battle today

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The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,670 and 1,690 points on Thursday despite the rising crude oil price in response to Kazakhstan’s move to cut oil exports due to storm damage, Krungsri Securities said.

SET Index may go through seesaw battle today

It predicted that uncertainty on whether or not the US Federal Reserve would raise the interest rate soon to tackle rising inflation, as well as the Russia-Ukraine conflict and the SET’s move to improve regulation of stock trading would all pressure the index.

Krungsri Securities advised investors to closely follow a key meeting on Thursday featuring the US, the European Union, the North Atlantic Treaty Organisation and the Group of 7 on sanctions against Russia.

It recommended the purchase of the following as an investment strategy:

• PTTEP, Top, IVL, SPRC and BCP, which will benefit from the rising price of crude oil and gross refining margin.

• PSL and TTA, which will gain from a rising freight rate.

• BDMS, BH, Intuch, Advanc, BTS and BEM, which are defensive stocks.

The SET Index closed at 1,677.95 on Wednesday, up 0.08 points or 0.00 per cent. Transactions totalled 70.22 billion baht with an index high of 1,686.14 and a low of 1,676.88.

Published : March 24, 2022

By : THE NATION

SMEs to get financial relief as part of BCG economy strategy

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The Thai Credit Guarantee Corporation (TCG) and its partners on Wednesday launched Portfolio Guarantee Scheme (PGS) 9 to offer loan guarantees to small and medium-sized enterprises (SMEs) that operate their business under laws or policies related to energy conservation, alternative and renewable energies.

SMEs to get financial relief as part of BCG economy strategy

TCG senior executive vice president Dusida Tapvong said these SMEs will receive two years exemption from loan guarantee fees, a maximum guarantee of THB100 million per person and a 10-year guarantee period.

She added that this scheme came after a memorandum of understanding between TCG, Industrial Estate Authority of Thailand, Krungthai Bank, Siam Commercial Bank, Export-Import Bank of Thailand and Small and Medium Enterprise Development Bank of Thailand.

“This scheme aims to provide financial support to SMEs, which is in line with Thailand’s strategy to drive the Bio-Circular-Green Economy between 2021 and 2026,” she said.

Published : March 23, 2022

By : THE NATION

SEC bans the use of digital assets for payments from April 1

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The Securities Exchange Commission on Wednesday banned the use of digital assets and cryptocurrency as a means of payment, starting April 1.

SEC bans the use of digital assets for payments from April 1

The announcement stated that the SEC had consulted the Bank of Thailand and both saw the need to prohibit the use of digital assets as a medium of exchange.

The announcement explained that the use of digital assets as a medium of exchange would affect the stability of the financial system and the country’s economy.

The use could also pose risks to the people and businesses due to the fluctuating prices and risks from being hacked by cyber thieves, the announcement said. It added that the use of digital assets as a means of payment could also be abused for money laundering.

The SEC invoked all related laws on supervising digital assets operators to prohibit them from using digital assets for purposes other than investment, the announcement added.

The statement said the SEC had resolved during its meeting on March 3 to prohibit the use of digital assets as a means of payment and issued the following guidelines, which have been updated following public hearings from January 25 to February 8:

– Digital assets operators of all types must not provide services or carry out any action to support or promote the use of digital assets as a means of payment for goods or services. For example, the providers cannot launch advertisements or set up any system or tool to facilitate the use of digital assets as a means of payment. They cannot open digital wallets to use digital assets as means of payment either.

– In case the operators find clients of wallets or accounts using a digital asset to pay for goods and services, the operators must take action against the clients and must suspend or cancel the services.

The regulation will take effect from April 1 and the current digital assets operators must take action to have their services comply with the regulation within 30 days.

Published : March 23, 2022

By : THE NATION

China Eastern Airlines trying to solve issue of stranded durian: Thai academic

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China Eastern Airlines is making an effort to find ways to help Thai durian exporters after it cancelled five chartered flights following a plane crash in China, a Thai academic said on Wednesday.

China Eastern Airlines trying to solve issue of stranded durian: Thai academic

Sakda Sriniwet said he had learned from China Eastern that it was seeking ways to help durian exporters after the airline learned of his concern.

Sakda, a former expert at the agricultural product quality development office of the Agricultural Extension Department, said on Tuesday that the airline informed a Thai exporter that five of its chartered flights had been cancelled with no schedule for resumption.

China Eastern Airlines’ Flight MU5735 crashed in mountainous terrain with 132 people on board about an hour into its journey from Kunming to Guangzhou.

Sakda said that after the airline saw a report quoting him, it explained that only flights using Boeing 737s – the type that crashed – would be cancelled pending a security check.

“China Eastern Airlines is now rushing to solve the problem to minimise the damage,” Sakda said, adding: “And I’ve learned that some senior Agriculture Ministry officials are also hastening to solve the problem.”

Published : March 23, 2022

By : THE NATION

Central Food Retail ties up with Zipmex to launch SE Asia’s first metaverse supermarket

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Central Food Retail moves ahead with its “CRC Retailligence” strategy by joining forces with leading cryptocurrency platform Zipmex to launch its very own blockchain-powered supermarket that will connect modern consumers to the metaverse.

Central Food Retail ties up with Zipmex to launch SE Asia’s first metaverse supermarket

CEO Stephane Coum said the company’s vision was to use new technology to become a 21st-century leader in innovative food retail.

The “CRC Retailligence” strategy aims to drive retail innovations of the future, creating seamless experiences and becoming “Central to Life” for all customers, he said.

“We plan to tap into the retail potential of the metaverse, a world that runs on digital asset infrastructures such as crypto and NFT. We see enormous potential to enhance shopping experience and lifestyle through convenient, seamless and interactive access to products and services. The Covid-19 epidemic is also a key driver in re-shaping shopping behaviour as more people shop online, accelerating the development and uptake of new technologies and innovations in the retail space,” Coum said.

Akalarp Yimwalai, CEO and co-founder of Zipmex Thailand, said this partnership would give customers seamless access to products and services in real-time.

“Zipmex’s innovation expertise and leadership make us the perfect gateway to the world of digital assets,” Akalarp said.

Zipmex has been offering support and knowledge resources to both retail customers and partners seeking to expand their businesses to the metaverse, taking advantage of such disruptive innovation occurring in the world today.

Partners of Zipmex benefit from the ability to tap new market opportunities, drive revenue and increase customer awareness and engagement.

“Our partnership with Central Food Retail is the perfect starting point for innovations in the food retail industry both in Thailand and Southeast Asia. We want to provide exciting new experiences for everyone and put Thai retail on the global stage,” he added.

Visit http://www.tops.co.th, Facebook page TopsThailand or the application @TopsThailand for more information.

Published : March 22, 2022

By : THE NATION

Sasin, SCG Chemicals join hands for 20th year of student startup competition

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Top teams from leading universities in Thailand will showcase and develop their startups at the “SCG Bangkok Business Challenge @ Sasin 2022 – Thailand Competition”, under the theme, “Redefining the Future of Sustainable Ventures”.

Sasin, SCG Chemicals join hands for 20th year of student startup competition

Top teams from leading universities in Thailand will showcase and develop their startups at the “SCG Bangkok Business Challenge @ Sasin 2022 – Thailand Competition”, under the theme, “Redefining the Future of Sustainable Ventures”.

Sasin School of Management has partnered with SCG Chemicals (SCGC), a pioneer in the integrated chemicals business, to host the competition, which will be streamed live on Facebook on March 26-27.

The “SCG Bangkok Business Challenge @ Sasin” serves as an ideal, competitive platform for undergraduate and postgraduate students in Thailand to present their startup business plans in English and prepare for the future growth of their business. The competition was launched in 2002 and has been held for 20 consecutive years, making it the longest-running global student startup competition in Asia.

“Sasin is honoured to collaborate with our partner, SCG Chemicals, for the seventh straight year,” said Professor Ian Fenwick, Director of Sasin School of Management.

“This competition lies at the heart of what we do at Sasin – promote and emphasise sustainability through an entrepreneurial mindset. This is the second year that we have arranged the “Thailand Competition”. We all look forward to seeing this year’s innovative, sustainable startups from universities around Thailand.”

Sasin, SCG Chemicals join hands for 20th year of student startup competition

Dr Suracha Udomsak, Chief Innovation Officer, Executive Vice President – New Business, SCG Chemicals (SCGC), said, “SCG Chemicals focuses on developing the innovation ecosystem and human resources in Thailand. We believe that to encourage entrepreneurship and a sustainable mindset among Thai university students is vital. We are delighted to be able to continue to support ‘SCG Bangkok Business Challenge @ Sasin’. We are confident that this international competition will elevate the innovation ecosystem in Thailand and bring benefits to all relevant segments.”

The competition features global networking and seasoned experts in business, marketing, investment, and sustainability who will judge this year’s teams and determine the best startup in the competition.

The “SCG Bangkok Business Challenge @ Sasin” comprises the “Thailand Competition” and the “Global Competition”.

The winning team in the Thailand Competition will receive a cash prize of US$4,500 (approximately THB150,000) and will qualify for the Global Competition in July.

While still in the process of requesting the bestowment of this year’s awards, the winners of the Global Competition and its Sustainability Award Round have historically received Royal Trophies: HM The King’s Award, and HRH Princess Maha Chakri Sirindhorn’s Sustainability Award, respectively. In total, cash prizes in the Global Competition are worth over $60,000 (over THB2 million).

Sasin, SCG Chemicals join hands for 20th year of student startup competition

The 12 teams that will participate in the Thailand Competition, selected from a total of 113 teams, are:

• Uniclass team from Sasin School of Management

• IQMED team from Mahidol University

• Carity team from Chulalongkorn University

• Grycle team from Chulalongkorn University

• Perm team from Chulalongkorn University

• Come & Craft Company team from Thammasat University

• Defire team from Asian Institute of Technology

• Jernie team from Chulalongkorn University

• YaBez team from Pathumthani University

• IN-WASTE team from Kasetsart University

• Shrimpney team from Mahidol University

• CARSUP team from Chulalongkorn University

Follow the Thailand Competition live on Facebook Page “SCG Bangkok Business Challenge at Sasin” (www.facebook.com/bangkokbusinesschallenge) on March 26-27.

Published : March 22, 2022

Baht likely to swing in a wide range: market strategist

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https://www.nationthailand.com/business/40013709


The baht opened at 33.46 to the US dollar on Wednesday, strengthening from Tuesday’s close of 33.54.

Baht likely to swing in a wide range: market strategist

Krungthai Bank market strategist Poon Panichpibool expects the Thai currency to move between 33.40 and 33.60 during the day.

Poon said the baht was likely to swing in a wide range. However, the market was open to more risks and might influence foreign investors to purchase Thai stocks, causing the baht to strengthen.

Meanwhile, short-term bond transactions, which pressure the baht to weaken, might slow after foreigners invested around 2 billion baht in these bonds. He recommended monitoring the situation to see if the investors return to buy up more of the bonds.

In the short term, Poon predicted, the baht’s resistance level would be 33.60 to 33.75, a level which might see exporters offloading the dollar. The key support level would be 33 to 33.20, which would spur importers to purchase the greenback.

Published : March 23, 2022

By : THE NATION