(Source: Bangkok Post)
By Nareerat Wiriyapong, Bangkok Post, Thailand
Oct. 1--Share prices of companies in the networks of PTT Plc and Siam Cement Group fell in a range of 1 percent to 7 percent during trading yesterday as the country's leading industrial conglomerates faced a new blow over unsettled pollution problems at Map Ta Phut.
Among the 76 projects worth 400 billion baht ordered to halt construction by the Administrative Court on Tuesday, 25 are being developed by subsidiaries and affiliates of PTT, said PTT chief financial officer Tevin Vongvanich.
These ongoing projects include a sixth gas separation plant, due to be operational by the end of this year, petrochemical plants, and an upgraded refinery to meet Euro 4 emission standards.
The court ordered the suspension of operating permits for new investments in Map Ta Phut Industrial Estate in Rayong, following an outcry from environmental activists and residents who claim the permits violated Section 67 of the 2007 Constitution.
"The (temporary) suspension of these projects will affect our trading and contract partners, financial institutions, and related industries across the supply chain. Moreover, it will put at risk over 100,000 jobs, including hiring in [Map Ta Phut]," Mr Tevin said.
"We are planning to hold talks with concerned government agencies to seek ways to soften the impact from the court's ruling, or we may lodge an appeal."
Siam Cement said the court order would force its wholly owned subsidiary, SCG Chemicals, to halt nearly completed construction of its upstream naphtha cracker, as well as projects of its downstream subsidiaries and joint-venture units, expected to be completed between late 2009 to mid-2011.
"In this regard, SCC will be working closely with all relevant government authorities to jointly conclude a solution for all concerned parties, while minimising any effect on SCG Chemicals' investment projects," president and chief executive Kan Trakulhoon said in a statement to the Stock Exchange of Thailand yesterday.
Also affected is SET-listed Glow Energy, whose 660-megawatt power plant is likely to be postponed.
Kim Eng Securities said the court was expected to review the case immediately when an appeal is lodged.
"This issue cannot drag on for long because it will affect the sentiment of the stock market in general," said a Kim Eng spokesman.
However, Bualuang Securities said the court ruling was unlikely to push the overall index down even though it caused a sudden shock.
"This news represents a negative surprise and is certainly a near-term headwind against the stock of any company with facilities in or near Map Ta Phut," Bualuang said.
Surong Bualakula, senior executive vice-president for the international business unit of PTT, said Thailand's competitiveness had been crimped by the Map Ta Phut case.
The development could prompt PTT to look at neighbouring countries such as Cambodia, which has larger natural gas and oil reserves, as well as a pipeline network. The Cambodian government is considering a plan to build an energy complex in Sihanoukville, he said.
"Map Ta Phut is the centre of Thailand's industrial development region with a competitive advantage in the gas-based petrochemical industry," Mr Surong said. "What downstream manufacturers or automakers will invest in Thailand now because they cannot be sure if they will have enough raw materials in the future?"
Shares of Siam Cement (SCC) closed yesterday at 222 baht, down 5 baht, in trade worth 1.11 billion. PTT shares rose 3 baht, but PTTAR fell 1.10 baht to 24.40 in trade worth 1.7 billion while PTTCH fell 4 baht to 73.25 in trade worth 844 million. GLOW fell 1.75 baht to 32.75 in trade worth 135 million.
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Children ride in a kayak through floodwaters caused by Typhoon Ketsana in Siem Reap, 320 km (199 miles) northwest of Phnom Penh, October 1, 2009. Cambodia is continuing to battle rising floodwaters from the typhoon that has cut a destructive path through South East Asia and killed about 300 people. REUTERS/Chor Sokunthea (Post by CAAI News Media)
Floodwaters caused by Typhoon Ketsana cover the front of the Allson Angkor Hotel in Siem Reap, 320 km (199 miles) northwest of Phnom Penh, October 1, 2009. Cambodia is continuing to battle rising floodwaters from the typhoon that has cut a destructive path through South East Asia and killed about 300 people. REUTERS/Chor Sokunthea (Post by CAAI News Media)
A villager walks past houses damaged by Typhoon Ketsana at Sandane district in Kampong Thom province 168km (104 miles) north of the capital, Phnom Penh September 30, 2009. At least nine people were killed and 13 injured as Typhoon Ketsana struck central Cambodia, Chun Chorn, governor of Kampong Thom said . REUTERS/Chor Sokunthea (Post by CAAI News Media)
A villager looks at the bodies of people killed by Typhoon Ketsana at Sandane district in Kampong Thom province 168km (104 miles) north of Cambodia's capital Phnom Penh September 30, 2009. At least nine people were killed and 13 injured as Typhoon Ketsana struck central Cambodia, Chun Chorn, governor of Kampong Thom said. REUTERS/Chor Sokunthea (Post by CAAI News Media)
People cross through waters on a street flooded by Typhoon Ketsana at Sandane district in Kampong Thom province 168km (104 miles) north of Cambodia's capital Phnom Penh September 30, 2009. At least nine people were killed and 13 injured as Typhoon Ketsana struck central Cambodia, Chun Chorn, governor of Kampong Thom said. REUTERS/Chor Sokunthea (Post by CAAI News Media)
People look from a house hit by floodwaters from Typhoon Ketsana at Sandane district in Kampong Thom province, 168km (104 miles) north of Cambodia's capital Phnom Penh September 30, 2009. At least nine people were killed and 13 injured as Typhoon Ketsana struck central Cambodia, Chun Chorn, governor of Kampong Thom said. REUTERS/Chor Sokunthea (Post by CAAI News Media)
People carry a motorbike over waters on a street flooded by Typhoon Ketsana at Sandane district in Kampong Thom province 168km (104 miles) north of Cambodia's capital Phnom Penh September 30, 2009. At least nine people were killed and 13 injured as Typhoon Ketsana struck central Cambodia, Chun Chorn, governor of Kampong Thom said. REUTERS/Chor Sokunthea (Post by CAAI News Media)
People work to retrieve a motorbike buried under a house hit by floodwaters from Typhoon Ketsana at Sandane district in Kampong Thom province 168km (104 miles) north of Cambodia's capital Phnom Penh September 30, 2009. At least nine people were killed and 13 injured as Typhoon Ketsana struck central Cambodia, Chun Chorn, governor of Kampong Thom said. REUTERS/Chor Sokunthea (Post by CAAI News Media)
People cross through waters on a street flooded by Typhoon Ketsana at Sandane district in Kampong Thom province 168km (104 miles) north of Cambodia's capital Phnom Penh September 30, 2009. At least nine people were killed and 13 injured as Typhoon Ketsana struck central Cambodia, Chun Chorn, governor of Kampong Thom said. REUTERS/Chor Sokunthea (Post by CAAI News Media)
NTDTV
Eleven people in central Cambodia are dead after Typhoon Ketsana struck Kompong Thom Province on Wednesday the 30th.
Dozens of houses have been destroyed by the storm leaving victims struggling to recover their belongings.
[Meng Sun, Home Owner]: "I was sleeping in my bed there and at around 4:30, I moved to cook in my kitchen then the typhoon hit my house."
Local officials are on the scene attempting to help victims return to normal.
[Chhun Choan, Governor, Kompong Thom]: "I ordered my armed forces, and police to help people as best as they can to bring them to normal life."
Ketsana began its path of destruction in the Philippines earlier this week killing nearly 250 people there.
On Tuesday, the storm moved through Vietnam where officials have reported 40 deaths.
A new storm system is brewing over the Pacific Ocean and forecasters expect it to make landfall on the northern Philippine island of Luzon by Thursday, October 1st.
The National Assembly voted against amendments to a new penal code that opposition proponents said would increase freedom of expression and improve justice and democracy.
Eighty-three of 101 lawmakers present voted against the amendments, to 43 of 672 different articles, in an Assembly heavily dominated by the Cambodian People’s Party.
The penal code, drafted with the help of the French government, seeks to update a combination of 1995 laws, tradition, the constitution and principles of international law.
Yim Sovann, a Sam Rainsy Party lawmaker who supported the changes, told the Assembly session: “The amendments aim to open the possibility of pulling some articles that affect the rights and freedoms of expression for people, and to provide a clear definition of each offense, because we worry there are some negative points in the draft of the penal code.”
He later said he regretted the amendments were not approved, but he hoped the president of the Assembly, Heng Samrin, would allow a full-session debate.
Sam Rainsy Party officials said certain articles in the draft law tighten the freedom of expression and public assembly, while allowing for complaints of defamation and insult that are open for abuse.
Cheam Yiep, head of the Assembly’s finance commission, told the session the amendment requests were “illegal.”
“The amendment requests contradict the internal rules of the National Assembly,” he said.
Minister of Justice Ang Vong Vatana told the session the penal code was written “to serve human rights.”
“Nothing we did is to pressure or close human rights,” he said.
Some human rights organizations have said the penal code’s negative points can be corrected during Assembly debate.
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