PTTEP buys 25% stake in UAE gas fieldPTT Exploration and Production Plc (PTTEP) has acquired a 25% stake from Eni Sharjah B.V. (ENI) to invest in Concession Area C, an onshore gas field in the Emirate of Sharjah, as it continues to look for potential gas production areas in the Middle East. The investment was made through PTTEP's wholly-owned PTTEP Mena Co, according to its report submitted to the Stock Exchange of Thailand yesterday. PTTEP Mena Co signed a farm-in/farm-out agreement for the acquisition process, expected to be completed by the end of this year. After the deal, ENI, a subsidiary of an Italy-based multinational oil and gas company, will hold a 50% share in Area C project, while UAE-based SNOC and PTTEP Mena Co will each hold a 25% stake, said Montri Rawanchaikul, chief executive of PTTEP. Area C is an onshore gas and condensate concession block in the exploration phase.

Air force pilot badly hurt in F-5 crashThe pilot is treated for injuries sustained when he ejected from his F-5 fighter plane as it crashed into a field during a training flight, in Chai Badan district, Lop Buri province, on Friday morning. (Photo supplied: Wassana Nanuam)An air force pilot suffered multiple broken limbs when his F-5 fighter jet crashed during training in Chai Badan district of Lop Buri province on Friday morning. The air force chief had expressed his deep concern for the injured pilot, AVM Prapas said. The air force had set up an inquiry into the crash. The air force had a fleet of 19 F-5s based in Ubon Ratchathani province.

(Reuters photo)VIENTIANE: Laos is set to open a US$6 billion Chinese-built railway on Friday, with debt concerns balanced against hopes it could boost the reclusive nation's struggling economy. Analysts have acknowledged the potential economic boost, but have queried how infrastructure-poor Laos will pay its $1.06 billion debt -- and whether it is ready to exploit the state-of-the-art transport system. The railway could boost Laos' economy, but the government needed to undertake substantial reforms -- including improving its border management systems, a World Bank report noted. Raymond noted the railway is a huge test for the country's mostly agricultural subsistence-based economy, which doesn't have a big merchant class. "The issue for Laos is whether their economy... their private sector is positioned to take advantage of this transport system," Raymond told AFP.

Army told to secure borderThe army has stepped up surveillance of the Thai-Myanmar border to prevent illegal crossings as part of the country's efforts to further suppress Covid-19. Maj Gen Banyong Thongnuam, commander of the Surasee Taskforce supervising security on the western border, was told by Army chief Gen Narongphan Jitkaewthae to beef up security along the border using reinforcements from the 19th Infantry Regiment. Previously, Gen Chalermpol Srisawat, chief of the defence forces, approved a plan to deploy four companies of border defence troops or about 700 soldiers to help prevent illegal entries. Border patrol units will also be deployed with hi-tech equipment to prevent illegal crossers along the Tanaosri mountain range in Prachuap Khiri Khan. Col Assadawut Panyarachun, commander of the Chong Ang Suk Taskforce in charge of border security in Prachuap Khiri Khan, said border patrol police, immigration officials and local authorities arrested 933 illegal crossers from October to November.

Thai AirAsia X's A330-300 jet taking off from Don Mueang airport. Thai AirAsia X needs a major restructuring and new investors to prep the airline to resume international routes next year, after Thai AirAsia (TAA) already secured additional funding for the carrier last week. Thai AirAsia X, a long-haul, low-cost carrier under the AirAsia group, has been grounded for almost two years since the pandemic emerged in 2020. Mr Tassapon, also a shareholder in Thai AirAsia X, said the airline had to switch its wide-body Airbus A330 jets to cargo service to stem financial losses. Thai AirAsia X requires additional liquidity to prepare for passenger flights, which are expected to resume next year, he said.

AirAsia CEO 'bullish' on beating OmicronAirAsia Group chief executive Tony Fernandes shares his views during Bangkok Post’s International Forum 2021 dubbed “Unleashing the Future: A Glimpse into 2022 and Beyond” on Thursday. (Photo: Varuth Hirunyatheb)AirAsia Group chief executive Tony Fernandes has urged governments to stop “overreacting” to the emergence of the new Omicron variant of Covid-19 and focus on reducing the cost of PCR testing instead. The chief executive of the low-cost carrier said the world is more equipped and better prepared to deal with Omicron — first detected in South Africa — than previous strains. The group CEO was optimistic about the future of the aviation industry. He said he expects low-cost carriers to bounce back faster than full-service airlines as most passengers prefer to travel short distances.

Sector expected to face systemic risksTVI faces less risk than others as it has no lump sum policy, says Mr Jiraphant. SET-listed Thaivivat Insurance (TVI) expects insurers to face systemic risks when future coronavirus outbreaks take place. As a result, insurance companies that provide lump sum payment policies are expected to have more liquidity problems. Covid-19 insurance policies are currently being monitored by the Thai General Insurance Association (TGIA) and the Office of Insurance Commission. The company's car insurance and health insurance policies have thrived so far.

Stock.Room, the first and only grocerant in Bangkok, its brunch debut this December. For the brunch, Stock.Room will be transformed into a foodie delight with its “Welcome to the Playground,’ theme. Playground goers can expect to mingle with like-minded folk, as they weave their way through the extensive assisted buffet, complete with multiple live cooking stations. IHG’s clean promise means that all appropriate measures have been taken to ensure your safety, and the safety of your loved ones. To make a reservation, please contact 0 2056 9999 or email: stockroom.kimptonmaalai@ihg.comVisit offers page: http://bit.ly/PRKimptonENOnline Channel: Website: www.kimptonmaalaibangkok.com, Facebook: www.facebook.com/stock.roombkk

SRT unveils new city-friendly routesA Red Line commuter electric train and diesel rolling stock arrive at Taling Chan Station. (Photo: Arnun Chonmahatrakool)The State Railway of Thailand (SRT) has unveiled its new suburban railway routes to be used once Bang Sue Grand Station becomes Bangkok's rail system hub replacing the 105-year-old Hua Lamphong station on Dec 23. After the closure of Hua Lamphong, the SRT will alter the final destination of northern and northeastern lines so they stop at Bang Sue Grand Station, while the eastern line will stop at Makkasan Station. Since the official launch of the Red Line railway on Monday, the SRT has received positive feedback, he said, while adding more than 10,000 commuters who use the line daily. Mr Pichet said Transport Minister Saksayam Chidchob also told the SRT to launch public hearings to hear feedback about the proposed closure of the three railway lines to Hua Lamphong prior to Dec 23.

SAM seeks partners for joint venture AMCSAM is restructuring its organisation in all areas, says Mr Tharatporn. Sukhumvit Asset Management (SAM) Co wants to join with banks to set up a joint venture asset management company (AMC) to buy non-performing loans (NPLs) in the banking industry. SAM, the country's second largest AMC, has been in talks with both commercial banks and specialised financial institutions about a possible partnership to establish a joint venture AMC to manage bad debts in the banking sector, in line with the rising NPL trend. "This scenario opens more opportunities for AMC business, while banks are interested in setting up a joint venture AMC to manage and make profit from the business," he said. There are around 50 AMC players, and an AMC sets a unique strategy on the business operation focusing on loan products.

SET stages recovery despite Omicron, Fed concernsThe Stock Exchange of Thailand Index (SET) rebounded yesterday after declining by nearly 80 points, or 4.8%, over the previous three days, amid concerns over the Covid-19 Omicron variant and the US Federal Reserve's faster than expected tapering of quantitative easing (QE). As for medium- to long-term investment, he recommends stocks that were devalued because of pandemic pressures. Apichat Poobunjirdkul, senior strategist at Tisco Securities, said the SET Index would plummet to 1,500-1,520 points in the worst-case scenario. Tisco recommends stocks least affected by the pandemic for short-term investment strategies, such as communications, logistics and banking. The SET Index yesterday rose 1.41% to close at 1,590.81 points, with trade worth 93.9 billion baht.

Bitkup plots expansion in bid to be Asia’s CoinbaseJirayut Srupsrisop, chief executive officer of Bitkub Capital Group Holdings Co, speaks during an interview at the crypto exchange's office in Bangkok on Friday. While regulations in Southeast Asia are still not favourable to cryptocurrencies and non-fungible tokens, many sectors have already embraced them. “We have kept on going despite calls from the anti-money laundering agency and the central bank,” Mr Jirayut said. A 24-hour turnover of $549 million ranked Bitkub at 59th among more than 300 exchanges worldwide ranked by CoinMarketCap. Related stories:Bitkub rises up the rankingMall Group, Bitkub form digital community

Krungsri aims for 1m digital depositors by 2024Ms Damisa says the platform is able to attract young savers with financial discipline. Kept by Krungsri, a digital savings platform under Bank of Ayudhya, aims to increase its depositors to 1 million by 2024 after receiving a positive response in its first year of operation. Introduced more than a year ago, Kept now has 220,000 users depositing on the digital platform, with more than 500,000 accounts. Krungsri also aims to build up customers' wealth through both savings and investment in areas around digital assets and cryptocurrencies. A new feature on the Kept platform, the Together savings account, has been available since July.

BoT keeping close eye on impact of OmicronA man is tested for Covid-19 at Phuket airport on Monday. (Photo: Reuters)The Bank of Thailand has been closely monitoring the Covid-19 Omicron variant and could revise the country's economic growth rate this month in line with a recovery trend. The World Health Organization and scientists around the world would take weeks to analyse the Omicron variant and its impact, said Chayawadee Chai-Anant, the central bank's senior director for corporate communications. Global preparations for the Omicron variant appear to be taking place much faster than was the case for the Delta strain in the spring. In addition, the MPC would have more information about the Omicron variant and its possible impact on the Thai economy, Ms Chayawadee said.

Stop deporting Cambodian refugeesCambodian refugees pack in readiness for their return home from a camp at Ban Khao Plu in Muang district of Trat in this 1999 file photo. (Photo: Jetjaras Na Ranong)The recent deportation of three internationally recognised Cambodian refugees provoked an international outcry, much to Thailand's embarrassment. Such efforts to "push back" refugees have regrettably tarnished Thailand's generally commendable policy and practice of offering refuge to persons fleeing persecution and other dangers from foreign territories. It should not be forgotten that Thailand has a long history of offering refuge and protection to Cambodians. Political issues and Thailand's relationship with the countries the refugees have fled remains a key challenge.