Thai PTT group not discussing merger this week

July 21, 2010 By Leave a Comment

July 20 (Reuters) – A long-awaited consolidation of Thailand’s PTT (PTT.BK) group will not be on the agenda of board meetings to be held this week by its petrochemical and refinery affiliates, a senior official said on Tuesday.

The plan is widely expected to involve a merger between PTT Aromatics and Refining (PTTAR.BK) and IRPC (IRPC.BK) to create Asia’s eighth-largest oil refiner.

“The board will not consider the consolidation this week because management has to clarify some legal issues,” PTTAR Chief Executive Officer Chainoi Puankosom told Reuters.

A recent investigation by the national anti-graft agency on a case involving a rehabilitation plan for IRPC, formerly known as Thai Petrochemical Industry (TPI), was one issue the PTTAR board needed more time to consider, Chainoi said.

Last week, the National Anti-Corruption Commission voted that former Prime Minister Thaksin Shinawatra was wrong to endorse the Finance Ministry as an administrator for TPI’s rehabilitation plan in 2003.

TPI was Thailand’s largest corporate debt defaulter when it collapsed under a mountain of foreign debt during the 1997/1998 Asian economic crisis.

It was renamed IRPC in 2006 after the government had intervened in 2003 and PTT took control of it in late 2005 as part of the restructuring.

Last week, Chainoi said the PTTAR board would meet this week to consider legal issues related to the consolidation within the PTT group.

PTTAR, Thailand’s top integrated aromatics refinery, is nearly half owned by PTT, the country’s top energy firm. PTT owns 36 percent of IRPC.

PTT, PTTAR and IRPC held separate board meetings in late May, when the market had been expecting progress on the consolidation plan but was disappointed.

The consolidation of the petrochemical and refinery units — a move aimed at cutting costs and boosting efficiency — was originally supposed to take effect in November 2009 but was delayed by an environmental dispute at the huge Map Ta Phut industrial estate. [ID:nSGE617075]

At 0425 GMT, PTTAR shares were down 1.6 percent at 24.10 baht, while IRPC was unchanged. PTT rose 1.6 percent, while the main market .SETI was 0.7 percent higher. ($1 = 32.28 Baht) (Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong; Editing by Alan Raybould)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Madhya Pradesh CM meets Manmohan Singh on Maheshwar Dam issue

May 5, 2010 By Leave a Comment

New Delhi, May 5 (ANI): Madhya Pradesh Chief Minister Shivraj Singh Chauhan met the Prime Minister, Dr Manmohan Singh, on Wednesday and requested him to intervene on the Maheshwar Dam issue, which is facing objections from Ministry of Environment.

“We have appealed to the Prime Minister to intervene and help the people of Indore and Devas to get water and Madhya Pradesh in getting rid of power crisis,” said Chauhan after his meeting with Dr Singh.

“We have requested the Prime Minister and he has assured of resolving the issue after holding discussion,” he added.

Chauhan accused Union Environment and Forests Minister Jairam Ramesh of having an agenda to stall development projects in the state.

“We feel that Jairam Ramesh is working like the activists of Narmada Bachao Andolan. He is not seeing from a development perspective, people”s perspective, water and electricity point of view but is only concerned only of environmental issue, which is one sided,” said Chauhan.

The Union Environment Ministry has ordered suspension of work on the Maheshwar dam till the dislocated people are rehabilitated.

The Madhya Pradesh Government says that stoppage of the project at this juncture would result in the loss of 702,000 units of power per day starting in 2010.

Earlier, the Madhya Pradesh government had written a letter to the Prime Minister seeking intervention on the issue.
On February 17, the Union Environment Ministry had issued a show cause notice to the Shree Maheshwar Hydel Power Corporation Limited (SMHPCL) stating that there has been no satisfactory compliance with the conditions of environmental clearance.

The ministry also asked the SMHPCL to show cause as to why the clearance should not be revoked and directions for the closure of the Maheshwar project should not be issued.

The reply filed by SMHPCL in response to the show- cause notice confirmed that there was no rehabilitation plan with details of the agricultural land to be allotted to the oustees, and that the relief and rehabilitation measures are far lagging behind the construction of the dam.

On April 2, Jairam Ramesh acknowledged during a media conference in Bhopal that conditions of clearance in the Maheshwar Project have been violated and status of rehabilitation is appalling.

He also said that he is ready to suspend work on the dam until rehabilitation is completed. However the Ministry of Environment and Forests has not suspended the work till now.

The dam is said to be one of the largest being built on the River Narmada in Madhya Pradesh.

The Madhya Pradesh Government privatized the project in 1992, by handing it over to the S.Kumar Group. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Madhya Pradesh urges PM to intervene on Maheshwar project

April 29, 2010 By Leave a Comment

Bhopal/ New Delhi, Apr 29 (ANI): Madhya Pradesh Chief Minister Shivaraj Singh Chauhan has reportedly written a letter to the Prime Minister, Dr Manmohan Singh, expressing dissatisfaction over a Union Environment and Forests Ministry’s order to stop the Maheshwar Dam construction.

Maheshwar is one of the large dams being constructed over the River Narmada.

On April 23, Union Minster of State for Environment and Forests Jairam Ramesh has ordered for the immediate suspension of the Dam construction following an agitation by project oustees.

Thousands of oustees led by the Narmada Bachao Andolan (NBA) had launched an indefinite hunger strike in the national capital, demanding to order the suspension of construction, until a comprehensive rehabilitation plan is placed for the over 70,000 affected.

In his letter Chauhan, urged Dr Singh to intervene in the matter.

Chauhan explained to Dr Singh that stoppage of the project at this juncture would result in loss of 7.2 lakhs units of power per day starting in 2010.

He alleged that the Union Environment and Forests Ministry has continuously threatened shutting down of this project despite State Government”s repeated assurances.

The Madhya Pradesh Government privatized the project in 1992, by handing it over to the S.Kumar Group.

Around 70,000 peasants, fisher people, boatpeople and landless workers in 61 villages of this area are presently dependent on the riverine and land economy will be affected by this project.

On February 17, the Union Environment and Forests Ministry has issued a show cause notice to the Shree Maheshwar Hydel Power Corporation Limited (SMHPCL) stating that there has been no satisfactory compliance with the conditions of environmental clearance.

The ministry also asked the SMHPCL to show cause as to why the clearance should not be revoked and directions for the closure of the Maheshwar project should not be issued.

The reply filed by SMHPCL in response to the show- cause notice confirms that there is no rehabilitation plan with details of the agricultural land to be allotted to the oustees, and that the relief and rehabilitation measures are far lagging behind the construction of the dam.

On April 2, Ramesh had acknowledged during a media conference in Bhopal that conditions of clearance in the Maheshwar Project have been violated and status of rehabilitation is appalling.

He also said that he is ready to suspend work on the dam until rehabilitation is completed. However the Ministry of Environment and Forests has not suspended the work till now. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Beckham back in England after surgery

March 19, 2010 By Leave a Comment

David Beckham has arrived in England to start his recovery from an Achilles tendon injury that appears certain to rule him out of the World Cup finals.

“He’s in London for the next few days, then he will travel to Los Angeles to continue his recuperation,” Beckham’s spokesman Simon Oliveira said.

The 34-year-old midfielder tore the tendon in AC Milan’s 1-0 win over Chievo and flew to Finland for surgery performed by one of the world’s top specialists

“He is recovering fine, he has been walking with crutches. He can move around a little bit more every day,” doctor Sakari Orava said before the player left the western Finnish city of Turku.

“[His recovery]) is as expected.

“I said maybe it is not wise to fly over the Atlantic right now, to stay somewhere for two-three days,” Orava added.

“But the risk is small.”

Former England captain Beckham thanked everyone for their messages of support in a statement on his website.

“The operation was a success and I’d like to thank Dr Orava and all the medical staff who looked after me during my time in Finland,” he said.

“I’m feeling positive and now concentrating on getting back to full fitness over the coming months.”

Despite the surgery being hailed as a success, Beckham has all but been ruled out of the World Cup starting in South Africa on June 11 and FIFA president Sepp Blatter expressed his sympathy in a letter to the player.

Wishing him a speedy recovery, Blatter said he was sure Beckham would “get through this tough situation with your trademark dignity and courage”.

Milan said on its website that Beckham’s rehabilitation plan had been drawn up and would start immediately.

“For the first two weeks the footballer must not put pressure on the injured limb, and then he will do so progressively and partially for six weeks before doing specific therapy in the swimming pool,” the club said.

“The plan foresees a complete recovery in six months, after which he will be able to play again.”

-Reuters

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Swat IDPs to return home from Monday

July 12, 2009 By Leave a Comment

Peshawar, July 11 (ANI): The North Western Frontier Government has charted out a three-phased rehabilitation plan for the internally displaced persons (IDPs) of the Swat Valley.

Under the first phase beginning Monday, the IDPs from 11 camps will return to the valley, the Dawn quoted NWFP Information Minister Mian Iftikhar Hussain, as saying.

This would be followed by return of off-camp IDPs, which would continue for 10 days. arlier, the Emergency Response Unit had prepared a plan for the return of IDPs from Buner, but most of them have already gone to their areas.

“We have assessed that around 70 per cent of the IDPs from Buner have already returned and, if required, we will provide transport to the remaining people from there,” an ERU official said.

Under the revised plan, around 5,760 displaced families from Landakai, Kota, Guratai and Barikot areas of Swat will leave for their areas on July 13 and 14 in the first phase.

In the second phase, another 5,760 families from Ghalagai, Maniar, Udigram and Ballogram would return on July 15 and 16.

In the final phase, around 11,520 families from Mingora City, Central City, Hajiabad and Malukabad would leave for their areas from July 17 to 20.

In a bid to thwart off any untoward incident, fool-proof security measures would be adopted and the route leading to Swat would be manned by the army, Frontier Constabulary and police, Hussain informed.

“Curfew will remain intact in the Malakand region and the vehicles used for transportation of the IDPs will carry special stickers,” he said.

Hussain added that army helicopters would also fly along the convoys. Each convoy will have about 40 vehicles, including buses and trucks.

A schedule for return of the IDPs from other areas of Swat, Dir and Buner would be announced after the completion of the three-phase plan. (ANI)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,