This is according to the company’s board approval to increase the investment proportion from the original 61 per cent to 78.57 per cent of the registered capital, as the board also approved the purchase of ordinary shares from the existing shareholders.

They also approved returning the unpaid portion, the amount of 1,393 shares at a price of $1 million at an exchange rate of $1 per, delivered 1,000 repurchased shares to Wang Jin and sell 500 shares at a price of $500,000 to Xie Feng.

Osotspa has acquired 20 per cent of total shares in Basecamp and will nominate one of the company’s three |directors.

This transaction followed the Osotspa board’s approval for a total investment in Basecamp of up to 10.4 million pounds (Bt429 million). The investment aims to expand the overseas business of Osotspa.

Atikom Terbsiri, chief executive officer and president of TOP, said that about $4.7 billion, or 90 per cent of the five-year $5.16-billion plan, would be spent on CFP, a project that will improve refinery efficiency and raise crude oil refining capacity to 400,000 barrels per day in 2023. The current refining capacity is 270,000 barrels per day.

The remaining 10 per cent, or about $400-$500 million, will be used to finance extension projects which will develop infrastructure for the CFP. Such projects extend from ports, more crude storage tanks and office relocation.

The investments will come from the remaining cash of about Bt60 billion to Bt70 billion and a debenture issue of about Bt32 billion.

Atikom said the company has enough capital to fund the investment and does not see the need to raise capital.

The CFP will not only add value to oil products, but also upgrade fuel oil to more jet oil and diesel, he said.

The company’s jet oil and diesel will account for 70 per cent of revenue in the future compared to the existing 60 per cent, while gasoline revenue will drop to 15 per cent. Once the CFP is completed, the country will not need to import jet oil for five to 10 years.

The planned $651-million 250-megawatt power plan, as part of the CFP, is now in the process of negotiations with Global Power Plc (GPSC), a part of the PTT Group.

Atikom said that next year, Dubai crude price is expected to average $70-$75 per barrel. He also cited developments in the US-China trade war, uncertainty over the stance of Opec and non-Opec countries and the Federal Reserve’s estimated benchmark rate rises.

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Next year, TOP forecasts gross integrated margin (GIM), excluding oil stock impact, at $8.9 per barrel, while gross refinery margin (GRM) is projected at $6.7 per barrel for an estimated rise in oil demand following economic expansion and a drop in Opec’s crude production capacity. This year’s GIM and GRM are anticipated at $6.9 per barrel and $4.7 per barrel, respectively.

The refining utilisation rate is estimated at 103 per cent next year, down from this year’s 111-112 per cent, given the additional refinery overhaul plan. Meanwhile, the 2019 spread between gasoline 95 and paraxylene (PX) is expected to weaken to $360 per tonne from this year’s average of $380 per tonne, as new global production capacity is gradually added into the system.

“The domestic demand for oil is expected to grow next year following the government’s mega-investment project, while global demand for finished oil is estimated to grow about 1.4 million barrels per day. Thus, demand for diesel is expected to grow 3-4 per cent next year from 1.3 per cent this year, while demand for gasoline is projected to rise 3.8 per cent from 2.6 per cent. Demand for jet oil is expected to increase 3.1 per cent, compared to 5.9 per cent,” Atikom said.

In the fourth quarter of this year, GIM, excluding oil stock impact, is projected at $6.4 per barrel and GRM at $4.1 per barrel, he said. Third-quarter GIM was $7.2 per barrel and GRM $5 per barrel.

For the whole of this year, TOP’s sales are forecast to hit Bt300 billion, down from the previous year’s Bt337 billion following a drop in global crude prices. Estimated net profit will be revised down from last year’s Bt24.9 billion, a record high, due to lower margin.

At the same time, it has assigned rating “A-” on GULF’s senior unsecured debentures worth up to Bt10 billion.

The assigned issue rating is one notch below the company rating, reflecting the structural subordination of the proposed debentures compared with the debt obligations at the operating subsidiaries. The proceeds from the proposed debentures will be used to refinance existing debt, and to fund new investments.

The ratings reflect the company’s position as one of the leading power producers in Thailand, its well-diversified portfolio, predictable cash flows from long-term power purchase agreement with Electricity Generating Authority of Thailand rated “AAA/Stable” by Tris Rating and a proven record of developing and operating power plants. The ratings also incorporate completion risk of the two Independent Power Producer projects and the company’s rising financial leverage during the development of the projects.

The company also expects its shareholders’ equity to turn to positive next year, before moving from non-compliance (NC) to caution (C) in 2020, he said.

The recovery follows implementation of the company’s financial restructure plan under which it disposed of non-core assets, reduced cost, and increased income from all its business units, he said.

Taco Bell will open its first Thailand location on the first floor of Mercuryville mall in central Bangkok, in a partnership with Siam Taco Co Ltd, part of the TTA (Thoresen Thai Agencies Public Co Ltd) group. It will open in early 2019, according to a media release yesterday.

The Southern California brand dates back to 1962, and Taco Bell’s founder Glen Bell achieved quick success thanks to his made-to-order tacos, burritos and other specialities.

The menu featured bold flavours, quality ingredients – and a breakthrough value price-point.

In the intervening 56 years ago, the brand has grown from small communities in Southern California, to nearly 30 countries across the globe.

Fans who visit Taco Bells around the world will find a modern-day restaurant design that is also consistent with local community specific designs.

The upcoming Mercuryville Taco Bell will feature an urban-concept design that embodies the business and shopping community of the Chidlom area in Bangkok. Ideal for office workers and shoppers, the 60-seat restaurant will feature an open kitchen and modern design benches, making it an ideal spot to catch up with friends or take a break from shopping.

“We are excited to bring Taco Bell’s iconic, Mexican-inspired cuisine to one of the most vibrant cities in the world,” said Liz Williams, president, Taco Bell International. “We have many fans in Thailand and are thrilled to partner with an incredible franchise partner like Thoresen Thai Agencies to bring Taco Bell to Southeast Asia.”

Thai fans can look forward to a selection of Taco Bell’s famous Mexican-inspired food, including the Crunchwrap Supreme, Grilled Stuft Burrito and the trademark Crunchy Taco, as well as speciality items developed specifically for the Thai market.

In-market research

After weeks of in-market research, the Kickin’ Chicken Taco was created by Taco Bell chefs, which features crispy chicken, a unique spicy Kickin’ Sauce, fresh lettuce, pico de gallo salsa, a two-cheese blend, all wrapped in a soft flour tortilla.

In addition to the world-famous menu items, guests can add snacks such as cheesy chips, or specialities such as loaded fries to their orders. They can complete their meals with a Taco Bell Freeze, similar to a slushie, with the flavour choice of Mango Madness, Tropical Punch or Berry Blue. Or, enjoy an ice cold beer (San Miguel Light or Singha) that pairs perfectly with Taco Bell flavours.

“We are thrilled to be able to bring Taco Bell to Thailand. We love the brand and the company’s culture and, using our existing expertise in the food retail segment, we believe that Taco Bell will be a huge success in Thailand,” said Chalermchai Mahagitsiri, TTA president and chief executive.

Eager diners can follow progress on the early 2019 opening at Facebook.com/TacoBellTH or follow @TacoBellTH on Instagram, Twitter and Line.