PTT venture to build condensate splitter in Timor

PTT - Petroleum Authority of Thailand

Hydrocarbon Processing

02.06.2013 

PTT International will own around 70% of the venture and petroleum firm Timor Gap will own the rest. The companies also agreed to jointly engage in condensate trading activities, he said, adding that the two deals require a combined investment of 5 billion baht ($168 million).


BANGKOK -- An overseas investment arm of PTT, Thailand's largest energy conglomerate, has clinched a joint venture agreement with state-owned Timor Gap to construct a 40,000 bpd condensate splitter in Timor, Thai Energy Minister Pongsak Raktapongpaisal said Wednesday.

PTT International will own around 70% of the venture and petroleum firm Timor Gap will own the rest, he told reporters without elaborating on the time frame for the project.

A portion of output from the plant will be supplied to PTT's petrochemical producers, said Mr. Pongsak.

PTT International and Timor Gap also agreed to jointly engage in condensate trading activities, he said, adding that the two deals require a combined investment of 5 billion baht ($168 million). 

PM Gusmao confident Timor-Leste can fight against poverty

PM Xanana Gusmao

*Televizaun Timor-Leste, February 5, 2013 language source: Tetun

Prime Minister Xanana Gusmao said despite there were many challenges in fighting against corruption, but he did believe that, public investment in the short and long term would help Timor-Leste to be out of poverty.

The prime minister made the comments during the plenary session of debating general state budget for 2013.

"With the proposed general state budget that, I present today will be invested in public investment for long, middle and long terms to fight against poverty in the country," he said.

Gusmao affirmed that, in this state budget there was a specification which would also invest new policies which were based on the Government's national strategic planning to strengthen stability of the country.

Alkatiri pledges Xanana to decrease inflation

Inflation and the poor people - Photo: internet

*Independente, February 4, 2013 language source: Tetun

Former Prime Minister Mari Alkatiri proposes to decrease inflation by investing more in productivity sector, as a response to this issue, current Prime Minister, Xanana Gusmao pledges to decrease the inflation.

Xanana Gusmao said even though the inflation was 11 percent, but there was a significant increase in the economic growth which achieved 15, 4 percent in 2011.

"We know that there is an increase price in food and raw materials which reduce Timorese people's capacity to buy their necessities," he said when presenting 2013 State Budget in National Parliament Monday 4.

He added that the Government would allocate the State Budget to Public and Private sectors and fishery to contribute to the productivity for short and medium terms.