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Cleantech Solar powers up paint giant’s three factories with solar energy

CorporateFeb 02. 2021240 kW site in Samut Sakhon, Thailand

By The Nation

AkzoNobel, the maker of paint brands like Dulux, has signed a long-term agreement with Cleantech Solar to set up three rooftop solar systems at its manufacturing sites in Thailand and Malaysia.

The solar power systems have been fully funded by Cleantech Solar, which will also operate and maintain the system throughout the contract.

The systems have been set up in AkzoNobel factories in Chonburi and Samut Sakhon in Thailand and in Nilai, Malaysia. The plants, where 7,818 solar panels have been installed, will produce 1.6 megawatts combined and prevent the production of 28,000 tonnes of carbon dioxide during the term of the agreement.

480 kW site in Nilai, Malaysia

Wijnand Bruinsma, AkzoNobel’s sustainability programme manager, said: “Sustainability is one of our core principles. We strive to lead our industry by empowering people, reducing our impact on the planet and consistently innovating to deliver the most sustainable solutions for our customers. That is why we call our approach ‘People. Planet. Paint’. It is about focusing on the things we can truly influence. Through our partnership with Cleantech Solar, we are delivering on our ambition to reduce energy use and lower CO2 emissions while increasing our use of renewable energy.”

“I am pleased to see another successful multi-country rollout from the Cleantech Solar team and would like to extend hearty congratulations to AkzoNobel on achieving another sustainability milestone in the region. Cleantech Solar takes pride in the fact that we are working together with AkzoNobel, an industry leader and established member of RE100 [100 per cent renewable energy], to make a switch to clean and competitive electricity to meet their social, environmental and economic performance targets,” said Raju Shukla, founder and executive chair of Cleantech Solar.

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PTTEP signs up for 20% interest in Oman’s largest gas production facility

CorporateFeb 01. 2021

By The Nation

PTT Exploration and Production (PTTEP) has acquired a 20 per cent participating interest in Oman’s Block 61, one of the largest gas developments in the Middle East.

Phongsthorn Thavisin, chief executive officer of PTTEP, said the subsidiary PTTEP MENA has signed a sale and purchase agreement with BP Exploration for a 20 per cent participating interest in Oman’s Block 61 worth US$2.45 billion, subject to government approval within this year. The value excludes potential contingent payments which are capped at a maximum amount of $140 million, and subject to certain milestones stipulated under the sales and purchase agreement. The acquisition will be funded from cash available from PTTEP’s balance sheet.

Block 61 is a producing onshore gas field with enormous resources and significant importance to Oman’s natural gas market. It has the capacity to deliver approximately 35 per cent of total gas output in Oman. The investment will have an immediate effect on increasing PTTEP’s petroleum reserves and sales volumes.

“Since 2019, PTTEP has invested in key assets in Oman including PDO [Block 6], the largest onshore oil field in Oman, and Oman LNG, the only LNG gas liquefaction complex in the country. The investment in Block 61 is aligned with PTTEP’s direction of growth, focusing on highly prolific areas, and supports our strategy towards gas value chain investments as gas produced from the block will boost the availability of gas supply for Oman LNG. This acquisition will further strengthen PTTEP’s foothold in Oman in the long run and pave the way for future investments in the Middle East,” Phongsthorn said.

Covering around 3,950 square kilometres in central Oman, Block 61 is comprised of two phases, Khazzan gas development which began production in 2017, followed by Ghazeer in October 2020 with a combined daily production capacity of approximately 1,500 million cubic feet per day for gas and more than 65,000 barrels per day for condensate. The block is targeted at developing total gas resources of 10.5 trillion cubic feet.

After the acquisition is completed, BP will hold a 40 per cent participating interest, while other partners including Omani national oil company, PTTEP MENA and PC Oman Ventures, a subsidiary of PETRONAS, will hold 30, 20 and 10 per cent participating interests, respectively.

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EGCO makes first move into US power market

CorporateFeb 01. 2021EGCO Group President Thepparat Theppitak

By The Nation

Electricity Generating Plc (EGCO Group) today announced its investment in a 972-megawatt natural gas-fired cogeneration plant located at Linden in the US state of New Jersey, and owned by Linden Topco LLC (Linden Topco).

EGCO has agreed to purchase a 28 per cent stake in the Linden Topco plant, according to EGCO Group’s president, Thepparat Theppitak. EGCO expects the deal to be finalised in the second quarter of this year.

The Linden cogeneration plant sells energy, capacity and ancillary services to the operators of the New York and New Jersey electricity grids, two of the most congested and capacity-constrained power markets in the United States. The plant also enjoys long-term contracts for the sale of process steam and electricity to large investment-grade industrial off-takers, said EGCO.

“This acquisition marks the first investment by EGCO in the US, a large market with over 1,100GW of installed capacity and vast opportunities in renewable and supporting gas-fired power facilities,” said Theppitak. “The investment will allow EGCO to enter the US market, and position it for new investment opportunities in the US.”

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HSBC launches private banking for Thailand’s ultra-wealthy

CorporateFeb 01. 2021Saranya Arunsilp, Thailand Head of Global Private Banking at HSBC

By The Nation

HSBC Thailand today unveiled its new private banking business for high net worth and ultra-high net worth clients.

HSBC said the new private bank will provide clients access to international capital markets by leveraging its existing infrastructure of advisory, investment methodologies, controls and systems in Asia. The team in Thailand will cover client management and advisory services while clients’ assets will be booked in HSBC Private Banking in Singapore, where HSBC continues to expand its services.

“In Thailand and across Asean, private wealth is closely tied to businesses and the strengthening of intra-regional trade is only expected to accelerate international expansion and stimulate people and wealth flows, even amid the pandemic,” said HSBC Thailand CEO, Kelvin Tan.

HSBC expects assets held by high net worth investors in the region to reach US$40 trillion by 2025. Meanwhile the assets of more than 100,000 high net worth investors in Thailand are expected to rise 12.4 per cent to $548 billion by 2025, the second highest growth in the Asia-Pacific region. Rising wealth is driving greater demand for wealth planning, investment diversification and international banking, said HSBC.

It adds that since 2016, the Bank of Thailand has been introducing a series of additional measures to relax foreign exchange regulation and encourage greater flexibility in the financial markets under the Capital Account Liberalisation Master Plan, opening up opportunities for selective offshore investments.

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Robinhood narrows trading restrictions to eight companies

CorporateFeb 01. 2021The Robinhood logo. MUST CREDIT: Bloomberg photo by Gabby Jones

By Syndication Washington Post, Bloomberg · Yueqi Yang

Robinhood reduced the number of companies with trading restrictions to eight from 50, ahead of Monday’s trading session, according to an update on its website.

The current list includes GameStop, AMC Entertainment, BlackBerry, Express, Genius Brands, Koss, Naked Brand Group and Nokia.

Opening new positions in these securities is limited, according to Robinhood’s website, which listed the maximum number of shares and options contracts each user can hold. For those whose current holdings already exceed the limits, their positions will not be sold or closed.

Robinhood put buying restrictions in place after its clearinghouse deposit requirements for equities increased last week, the company said in a blog post on Friday. “It was not because we wanted to stop people from buying these stocks,” Robinhood said.

The trading app, popular among retail investors who fostered the rise of GameStop stock, has been under fire across the political spectrum for its decision to restrict trading of highflying stocks that surged after being touted on social media.

Sen. Elizabeth Warren, D-Mass., on Sunday called for a broader review by the Securities and Exchange Commission on recent trading swings and said a broker-dealer such as Robinhood that invites a lot of individual investors needs to operate “under some basic rules.”

“You can’t do that in the middle of a trading cycle,” Warren said of Robinhood’s trading limits on CNN’s “State of the Union.” “It’s not about protecting people from making bad trades. It’s about keeping the playing field level.”

A representative for Robinhood declined to comment beyond the website’s update.

Lawsuits have been filed against Robinhood, mostly alleging restrictions by the trading platform that amounted to a breach of contract. Still, investors who sued online brokerages over claims that they were unfairly blocked from trading shares may have a long wait before their cases are resolved.