A New Joint-Venture Company for Energy Saving Business

 

 

In response to the concern over global environmental problem and increasing needs expansion for economical energy system, Toyo-Thai Corporation Public Co., Ltd (TTCL)¹ , Mitsubishi Corporation (MC) and Mitsubishi Co., (Thailand) Ltd. (BKK) have signed an Agreement to establish a new joint venture company named Global New Energy Company Limited (GNE) for energy-saving business. GNE has been established with a registered capital of 60 million Baht, 60% of which is held by TTCL group and 30% shares by MC and 10% by BKK. Mr. Hironobu Iriya, TTCL President, will also be The President of GNE. The Signing Ceremony was held on January 22, 2010 at the company’s guest house.

 

With the considerable experiences in building industrial plants of TTCL and MC’s expertise in developing greenhouse gas reduction emission projects, GNE will aim at energy consuming plants such as oil refinery, petrochemical, steel, cement, paper and fertilizer plants abandoning waste heat, and converting it to generate electricity. In addition, the company will promote CDM² application to the eligible energy-saving projects.

 

 

1. TTCL: Toyo-Thai Corporation Public Company Limited, the integrated contractor

                 providing the entire services of plant construction, i.e. design, engineering and

                 procurement of equipment and materials, including construction (or so-called

                 integrated EPC), mainly to petrochemical, chemical and petroleum industries.

 

2. CDM:  Clean Development Mechanism, one of Kyoto Protocol ³mechanisms for

                combating global warming, initially adopted on December 11, 1997 in Kyoto,

                Japan, is an arrangement allowing industrialized countries with a greenhouse gas

                reduction commitment to invest in ventures that reduce emissions in developing

                countries as an alternative to the high investment in emission reductions in their

                own countries.

 

3. Kyoto Protocol:   An international agreement linked to the United Nations Framework

                Convention (UNFCC) on climate change. The major feature of the Kyoto

                Protocol is that it sets binding targets for 37 industrialized countries and

                the European community for reducing greenhouse gas (GHG) emissions.