LATE NEWS
Bangchak plant delayed one year
Bangchak Petroleum Plc has pushed back the completion date for a new biodiesel plant it plans to build in Ayutthaya because the Cabinet has not yet approved the project. The new date will be in 2009 instead of 2008.
Bangchak president Anusorn Sangnimnuan said the company would also have to finalise investment plans after the construction cost had increased by 20 per cent. He said several investors had shown interest in co-investing in the Bt1-billion project, among them Chumporn Industry Co Ltd and IBC Construction Co Ltd. Once completed, the plant will produce 300,000 litres of biodiesel a day. - The Nation.
Rate warning A central bank official said that unless commercial banks stepped up their lending, they would have to stop raising their deposit and lending rates or risk raising the cost of funds. Bank of Thailand deputy governor Tarisa Watanagese said banks have raised their own costs through the high rates. Tarisa also warned that depositors did not have the brand loyalty that they once had. The central bank previously told banks to be careful about rate increases because they risked hurting investment. However, banks insisted on using rate hikes to maintain their market shares. On Monday, Kasikornbank offered an eight-month deposit package with a 5-per-cent interest rate. - The Nation.
Debt lawsuits Picnic Corp Plc has filed legal action against 17 debtors, demanding they repay debts worth a combined Bt2.19 billion. The embattled cooking gas manufacturer and distributor has also ordered its lawyers to follow up on debt by JJ Land Development after it failed to settle debts. Picnic is also working with four financial institutions to convert its own outstanding Bt1.16-billion short-term debt to long-term debt. The result will be available in the fourth quarter. - The Nation.
New Egat line The Electricity Generating Authority of Thailand (Egat) said the Cabinet had approved its plan to build a Bt3.2-billion electricity transmission line to enable the state enterprise to purchase electricity from the Nam Nguem 2 hydro dam project in Laos. Construction will begin soon and is expected to be completed in 2010. The project will be financed by Egat's cash flow. If that is not enough, Egat will issue bonds. - The Nation.
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