MWM at the EnerExpo in Vietnam

The EnerExpo that will be held from March 17 to 19 in Hanoi, Vietnam, is an international specialized exhibition for renewable and decentralized energy solutions of the global energy, power, and supplier industry, offering an attractive market platform for the first time. The list of exhibitors includes MWM (Germany), which will feature a booth in the German Pavilion, an initiative of the German Federal Ministry of Education and Research.


MWM is one of the world's leading suppliers of highly efficient and environmentally friendly energy systems. The company MWM, based in Mannheim, Germany, can draw on more then 135 years of experience in the development and optimization of internal combustion engines for natural gas, special gases, and diesel fuel.

With over 1,150 employees and 10 subsidiaries worldwide, the company focuses on ecologically progressive solutions for producing "clean energy".

"To this end, cutting-edge, high-performance products, services, and technologies have been developed for several decades for decentralized energy supply using gas and diesel engines," explains Dr. Ruprecht Lattermann, President and CEO of the wholly-owned subsidiary MWM Asia Pacific, headquartered in Singapore. Lattermann adds: "The output ranges from 400 to 4,300 kW for gas generator sets and from 780 kW to 2,455 kW for diesel generator sets."

MWM is active in four market sectors: in the cogeneration sector, natural gas is used for energy production, a field in which MWM is able to provide optimum solutions for individual applications with its gas engine systems. The rapidly growing special gas sector includes biogas and flammable gases emitted during industrial or mining applications or in the extraction of raw materials. The greenhouse segment covers systems for heating and supplying energy for greenhouses as well as the simultaneous fertilization of the plants using the filtered waste gas. Diesel engines continue to complement the gas engine systems.

MWM also provides worldwide customer service for the installation, servicing, and maintenance of systems. Furthermore, the Mannheim-based company offers courses at its own training center.

By participating in the EnerExpo 2010 in Hanoi, Vietnam, MWM intends to enhance its presence in the Vietnamese market and expand the basis for establishing long-term business relationships in one of the region's fastest-growing markets. See http://www.mwm.net for further information.

The long-established company MWM in Mannheim, Germany, is one of the world's leading system providers of highly efficient and eco-friendly complete plants for ecentralized power supply with gas and diesel engines. The company stands for the reliable, uninterrupted provision of electricity, heat, and cooling at all times and at any location. MWM has 1,150 employees around the globe.

PTT Chemical and GE sign gas turbine service agreement

PTT Chemical Public Company Limited, Thailand’s largest chemical producer and a regional leader in the petrochemical industry, has signed a service agreement with GE (NYSE: GE) in Singapore to ensure the long-term reliability of nine GE gas turbines at PTT Chemical’s site in Map Ta Phut Industrial Estate, Rayong Province, Thailand.


The 13-year Contractual Service Agreement (CSA) worth US$46.1 million or approximately Baht 1,521 million covers the supply of parts, repairs and field services for planned and unplanned outages for gas turbine-generators and accessory equipment, along with performance guarantees.

Veerasak Kositpaisal, President and CEO of PTT Chemical said, “Through this agreement, GE guarantees the continuing reliability and efficiency of the gas turbines, which improves our efficiency and security as well as enables us to maintain our petrochemical production schedule. The CSA also helps us to effectively manage our maintenance budget over the life of the agreement.”

“While we have received equipment orders from PTT Chemical in the past, this marks our first CSA with the company,” said Kovit Kantapasara., GE Energy Country Executive for Thailand and Indochina. “We hope to build on this agreement to provide similar services to other companies in the PTT Group.” Overall, GE has supplied more than 20 gas turbines to the petrochemical business of the PTT Group.

PTT Chemical is a diversified and integrated chemical producer offering a wide variety of petrochemical and chemical products. Its product portfolio includes ethylene and propylene, collectively called olefins, downstream derivatives such as Polymers and Ethylene Oxide and Ethylene Glycol, and oleochemicals. The company’s gas-based plants have a total annual capacity of 2,888,000 tons of olefins, making it Thailand’s largest olefins producer and the second largest in all of Asia.

GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies providing integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

TTA & UMS Won Accolades for Good Corporate Governance from IOD

Thoresen Thai Agencies Public Company Limited (“TTA”) received an “Excellent” assessment rating from the Thai Institute of Directors Association (“IOD”) for its corporate governance practices, according to TTA President & CEO M.L. Chandchutha Chandratat.


“This is a highly valued testimony to TTA’s efforts to improve our corporate governance practices in line with the best publicly listed companies. We are very proud to receive an ‘Excellent’ rating from the IOD, which assessed more than 290 publicly listed Thai companies in 2009,” said M.L. Chandchutha.

Unique Mining Services Public Company Limited (“UMS”), the coal logistics subsidiary of TTA, received a “Very Good” rating from the IOD as part of the same assessment process.

A number of evaluation criteria were used based on the Organization for Economic Cooperation and Development (“OECD”) and the SET Principles of Corporate Governance, namely 1) The Rights of Shareholders, 2) The Equitable Treatment of Shareholders, 3) The Role of Stakeholders, 4) Disclosure and Transparency, and 5) The Responsibilities of the Board.

“This assessment strongly reflects TTA’s accomplishments in developing a good governance framework. It also highlights our strong Board leadership, professional management and effective partnerships with our stakeholders,” said M.L. Chandchutha.

“TTA and UMS are determined to uphold good corporate governance principles and high professional management standards. Our corporate governance framework is an integral part of our goal to further develop a top-performing diversified business group and ensure the delivery of good long-term returns to our shareholders,” affirmed M.L. Chandchutha.
About TTA

Thoresen Thai Agencies Public Company Limited is amongst the top 50 companies listed on the Stock Exchange of Thailand with high trading liquidity. Its investment strategy is to grow through a diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA is recognised as a leader in the dry bulk shipping industry. The company has also expanded its investment into other business areas, such as offshore services through Mermaid Maritime Public Company Limited, fertilisers and logistics through Baconco Co., Ltd., and coal-related businesses through Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited.

Global Fallen Angel Potential Increases To 72 Issuers, Article Says

Our tally of global potential fallen angels increased by two issuers this past month to 72 issuers with US$196.37 (€131.48) billion in rated debt, said an article published today by Standard & Poor's, titled "Global Potential Fallen Angels (Premium)."


These companies are rated 'BBB-' and have either a negative outlook or ratings on CreditWatch with negative implications.

"Fallen angel incidence remained unchanged in October, with 67 issuers downgraded to speculative grade from investment grade, accounting for rated debt worth US$224.18 billion, or €150.11 billion," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "By debt volume, the current fallen angel tally nearly matches that of the US$226.42 billion in all of 2008."

By count, finance companies lead 2009's fallen angels to date with 12 entities, followed by banks with nine entities and utilities with eight.

Sectors poised to lead fallen angel incidence are banks with 16 entities, followed by consumer products with nine and metals, mining, and steel with seven.

The standard version of this article is part of our standard Global Fixed Income Research content. The premium version contains expanded analysis of the article's most significant points, typically broken out by sector and region. Also in the premium version are in-depth charts and tables, the underlying data of which are available for download. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.

Banpu profit rises 22%

       The coal miner Banpu Plc reported thirdquarter profits of 3.8 billion baht, an increase of 22% from the same period last year.
       Consolidated nine-month net profit jumped 68% from the same period last year to 12.58 billion baht.
       In a statement to the Stock Exchange of Thailand, the company said its thirdquarter revenues fell 3% year-on-year to 13.9 billion baht, due primarily to lower coal prices. Coal sales totalled 12.8 billion baht, down 4% year-on-year and representing 92% of total revenue.
       Coal sales volume in the quarter was 5.31 million tonnes, up 15% year-onyear and up 18% from the previous quarter thanks to increased production at its Indonesian mines. Average selling prices for the quarter were $69.49 per tonne, a decline of 17% year-on-year and 6%quarter-on-quarter due to lower market prices and quality of coal.
       Quarterly profits included a gain of 1.03 billion baht from financial derivatives on coal swaps and 109 million from oil hedging and interest-rate swaps.
       Total reserves at the end of September were 581.37 million tonnes, compared with 588.1 million at the end of June.
       Shares of Banpu closed yesterday on the SET at 448 baht, down two baht.

UMS targets 30% growth in 2010

       Coal importer Unique Mining Services Plc is optimistic its sales will jump by 30% in 2010 from flat growth this year thanks to the economic recovery.
       UMS managing director Chaiwat Cruecha-Em said an improved recovery will drive demand and coal prices, boosting the company's overall revenue.
       "Last year, coal prices went up to nearly US$140(per tonne), but this year it has dropped to about $70," Mr Chaiwat said."Next year, the government's stimulus programmes should start to take effects and help spur demand.
       UMS will unlikely hit its growth target this year as the recession has crimped output for its major customers, particularly those in the cement sector, he said.
       Small and medium-sized companies,the main revenue source for UMS, are still expanding, he said, which will keep 2009 coal volume on par with last year at about one million tonnes.
       Mr Chaiwat said UMS was not affected by the Map Ta Phut suspensions as it has few clients there.
       UMS projected 2009 first-half revenue would fall by 10% from last year to 3.14 billion baht.
       UMS has recently been acquired by Hermelin Shipping Co, a subsidiary of Thoresen Thai Agencies Plc, the country's largest dry-bulk carrier. Hermelin, which will be renamed Athene Holdings Ltd,purchased 73,649,166 shares or 48.46%from UMS's two former major shareholders Phaibul Chalermsaphayakorn and Mr Chaiwat.
       "The acquisition should set a business direction for UMS regarding logistics in the coal industry," Mr Chaiwat said.
       The firm is still interested in acquiring a coal mine in Indonesia, but the matter must be discussed with the new shareholder before any decision, he said.
       UMS posted first-half revenue of 1.39 billion baht, down from 1.56 billion the same period last year. First-half net profit fell to 191.49 million baht, down from 240 million year-on-year.
       Established in 1994, UMS engages in the coal trading business by importing coal from Indonesia to serve small and medium-sized industrial buyers in Thailand. UMS shares closed yesterday on the Market for Alternative Investment at 22.70 baht, unchanged, in trade worth 43.81 million baht.

Toxic town

       Mayor Bill Blunk sees no reason for sugar-coating his opinion when asked to describe this town."It's dead ... wasted land," he said.Almost anywhere else on the map,such bluntness could cost a politician his re-election. But not here. Blunk has the near-unanimous support of the population,140 people or so, who are perhaps singular among residents of municipalities in that they all want out of theirs.
       "I'd be happy to go as anyone," said Randall Barr, a retired sand company worker."You can't do anything with this land. What good is it?"
       For most of the early part of the 20th century, this little city in the south-east corner of Kansas had the feel of a rollicking boom town, its prosperity coming from land rich in lead, zinc and iron ore. Part of a vast mining district where Kansas, Missouri and Oklahoma meet, Treece and its twin city across the Oklahoma state line, Picher, became the unofficial capital of a zone that in its heyday produced more than $20 billion worth of ore - much of it used for weaponry to fight World War I and II.
       But when the last of the mines closed in the 1970s, Treece was left sitting in a toxic waste dump of lead-tinged dust,contaminated soil and sinkholes. On a hot summer day, children can be seen riding their bikes around enormous mounds of chat - pulverised rock laced with lead and iron. It is the waste product left over from mining that is the cause of so many problems here.Uncontrolled, it blows in the wind.
       Both Treece and Picher - the much larger of the two towns, once home to 20,000 people and separated from Treece by only a gravel road, the state line -became part of adjacent Superfund sites that the Environmental Protection Agency (EPA)has been trying to clean since the 1980s.
       In Picher,the remediation of the land has proved so daunting that in a move without many precedents, the federal government decided to buy out and relocate just about the entire population,which had dwindled to 1,800 by 2000,leaving a dusty ghost town where the social and economic hub of the area used to be.
       But the buyouts stopped at the Oklahoma line. Treece remains similarly contaminated, but now even more isolated.Officials in Kansas have been practically begging the federal government to move Treece's impoverished people, mostly the children and grandchildren of old miners, off the land, too, but to no avail.
       "You can turn and see one block away is Oklahoma, unsafe," said Pam Pruitt,the city clerk."They got bought out,and we didn't? It's incredibly unfair.The people here, if they wanted to leave,they can't. They can't sell their property.They can't get bank loans to fix them up. They're just stuck."
       The EPA does not see it that way. The agency favours rehabilitation of the tainted soil in Treece, which mainly entails cleansing the top layer of sediment.
       Kansas Republican Senator Pat Roberts, a staunch advocate of buyouts,said he likens the strategy to "throwing a fancy rug over a hole in the floor". He believes it would be more efficient to simply move the people, which would cost an estimated $3.5 million (116.9 million baht).
       Nonetheless, the agency says that it can accomplish the soil-cleansing in a 10-year time frame and that Treece residents are safe in the meantime. In Picher,however, government scientists found that extensive waste deposits could not be remediated for several decades, and that residents would be at risk during the clean-up, hence the need for government-assisted relocation.
       "They are two independent sites from the way we look at it," said Mathy Stanislaus, the assistant administrator for solid waste at the EPA.
       Stanislaus said that in Picher, the residential areas were interspersed with mining waste sites, but that in Treece,the residential areas are a distance away from pollutants. Still, he said, the agency is "taking a hard look" at the residents'concerns and will continue to evaluate
       their situation.
       Such explanations do nothing to ease the worry of the people in Treece, who in addition to living in fear of lead and other poisons,have lost their stores, petrol stations,some public services, jobs and social outlet along with Picher.
       That town ceased to be an official entity on September 1. Only a few diehard residents remain,unconvinced of the health risks, or unhappy with their buyout offers.
       They live in a gothic landscape of varying degrees of disrepair, as a few residents walked away from well-kept properties just last week while most others took buyouts years ago, leaving dozens of houses to collapse upon themselves. Stray dogs wander.Faded signs announce places that are no longer: the Picher Mining Museum and the Church of the Nazarene, a 24-hour truck stop.
       "I had a perfectly good house," said Vickey Phillips, who moved out of Picher four years ago."But they said it was full of lead."
       The psychological impact of Picher's move on Treece has been overwhelming.
       "They are in essence one town," said Senator Sam Brownback, who grew up north of Treece and is pushing for buyouts."Yes, there's a state line that divides them, but that's a man-made distinction. It is very much one town."
       About 161km north-east of Tulsa,Treece is entirely residential, with the only public building being its two-room clapboard city hall. Most of the population, which has a poverty level more than twice the national average, is feeling increasingly depressed about the isolation and a sense of creeping abandonment.
       "There's nothing here but a city hall,honestly," said Regina Palmer.
       Glenda Powell is among those hoping for a buyout."My father was one of the last miners," she said."He died of cancer,and so did my mother, bad lungs. This has always been home, and I don't know where we'd go, just a place where we can breathe."