Thailand's PTT to buy 2 MTPA of LNG from Glenfarne's Alaska LNG over 20 years
BANGKOK :Thai state-owned oil and gas giant PTT Group signed an agreement to procure 2 million metric tons of liquefied natural gas per annum from Glenfarne's Alaska LNG project over a 20-year term, Glenfarne said late on Monday.
PTT said it was was further studying the Alaska LNG project to expand its LNG business and enhance Thai energy security.
Thailand has been increasing its imports of LNG in recent years to cope with rising electricity demand and declining domestic gas production, and has expanded its import capacity.
Southeast Asia's second-largest economy plans to import more US LNG over the next five years, Thailand's Finance Minister Pichai Chunhavajira said earlier this year.
"With today's agreement and previously announced agreements, Alaska LNG has now reserved 50 per cent of its available third-party LNG offtake capacity to investment grade counterparties," said Adam Prestidge, President of Glenfarne Alaska LNG. Glenfarne is the majority owner and lead developer of Alaska LNG.
The $44 billion project, championed by U.S. President Donald Trump, is expected to deliver about 3.5 billion cubic feet of gas per day, much of it for international markets, from the state's North Slope gas fields.
The project needs to build an 800-mile pipeline (1,300 km) to bring gas from Alaska's north to send it to customers in Asia, but no final investment decisions have yet been made.
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Independent Singapore
40 minutes ago
- Independent Singapore
‘Yes, you can still become a millionaire even if you're working 9 to 5' — 30 y/o Singaporean shares how he got rich, yet doesn't own a car, and still takes public transport
SINGAPORE: In a city where hawker food costs about S$5, but homes can go up to S$5 million or even more, one young Singaporean has cracked the wealth code—without flashy brands, overnight crypto wins, or what he calls 'lifestyle inflation'. At 30, this self-made millionaire runs a sales agency that pulls in 'low seven figures on an annual basis'. He owns a multi-million-dollar property, but no, he doesn't roll around in a supercar or flash his net worth on Instagram. 'Most people think that millionaires will drive fancy cars, but I don't drive. I take public transport sometimes as well,' he said. This Singaporean isn't just rich in dollars—he's rich in insight. In a street interview with Asian Boss, he broke down exactly how he built his wealth, why materialism almost derailed him, and why anyone—even someone working a regular 9-to-5—can do the same. From a teenager's vow to financial freedom 'I came from a pretty okay family, but in the year 2008, my family really struggled with money, so I witnessed how money disrupted the harmony of family,' he says. That experience lit a fire in him. 'At 16, I made a promise to myself that when I grew older, I wanted to be financially free and not to let my future family worry about money,' he added, expressing that his financial awakening came early. Unlike many who make similar vows but lose momentum, he kept that fire alive. At 19, he entered the sales field, not with grand ambitions, but with a modest goal. 'When I first started doing sales at the age of 19, I only wanted to make a graduate's pay. I never thought that it would snowball into what I'm achieving today, and I'm really grateful for that,' he expressed his gratitude. Gratitude aside, his financial life is carefully structured. He's diversified his portfolio across real estate and stocks and holds fast to a core rule: 'I set aside at least 12 months of emergency funds for personal use and for my business.' The reality of owning a home in Singapore When it comes to real estate in Singapore, the numbers speak for themselves—and they shout! 'I paid S$2.5 million for my place, and you need to put a down payment of 25%, and because I'm an entrepreneur, I don't have CPF (Central Provident Fund), so I need to pay using cash. In Singapore, there's this thing called stamp duty—it's up to 5%—so for a S$2.5 million property, you need to set aside close to S$800,000,' the young Singaporean millionaire explained. See also Couple owning 2 houses say "something not right" with life So before he even held the keys to his new place, he had already paid nearly a million in cold, hard cash. Escape from lifestyle inflation: Goodbye convertible, hello peace He wasn't always this financially Zen. At 23, he got caught up in what he calls the over-glorification of materialism. 'In a sales environment, I think it's very common that they over-glorify the need to buy material stuff,' he recalls. 'When I was really young—when I was 23, I bought a Mercedes convertible,' but the thrill didn't last. 'The more I earn, the more my expenses increase, so I'd say one of the biggest shifts I had is to avoid this thing called lifestyle inflation, where you do not need to increase your expenses despite making more,' he advised. So what does he value in life now? According to him, 'I believe that the best thing that money can buy is freedom. The best thing money can buy is this thing called peace of mind, and I don't want to be a slave to material possessions.' The 9-to-5 path to wealth is still open, but with a twist… Here's where things get more interesting. While many assume entrepreneurship is the only ticket to seven-figure success, he disagrees. 'Yes, you do not need to be an entrepreneur to be financially wealthy today if you have the right money management principles,' he clarified. 'There's this term called being an intrapreneur. Being an intrapreneur means having an entrepreneur mindset without taking the risk of an entrepreneur.' In other words: be entrepreneurial in spirit—even inside someone else's company. 'If you're working a 9 to 5, you could find ways to add value to your boss so instead of getting a fixed pay, you can be remunerated by a variable income,' he shared an idea to think in terms of earning commissions, performance bonuses, revenue-sharing—whatever motivates both sides to win. He then gave an example: 'I believe that a good employee will know how to negotiate with their boss to give more. If I have a team member who can help me make an extra S$100K a month, I'll gladly increase the person's remuneration.' Mindset over market conditions He doesn't blame the economy for people staying broke. In fact, he sees the Singapore economy as a land of opportunity. 'I believe that as long as you have the right mindset, as long as you have the right heart and the right dreams, you can succeed anywhere… unless you are from really developing countries like Africa, where you lack basic infrastructure like water and food.' If you have a phone and internet, he says, 'I believe that anyone can really make it.' So what's stopping people? 'I think a lot of young people have an avoidance when it comes to the topic of money. They are not willing to face reality, and they overestimate their financial situation,' he opined. The self-sabotaging cycle: Victimhood and ego For this young millionaire, the real enemy isn't inflation, bad bosses, or high rent. It's the mindset—and ego. 'I think most people are broke because they have a victim mentality. Whenever something bad happens to them, they like to complain, they like to wallow in self-pity, but the moment you do that, you lose the power to change.' So instead of blaming the world, he encourages young people to take responsibility, even if it's uncomfortable. Why millionaires are getting younger In his view, it's not just possible to become a millionaire in your 30s—it's becoming common. 'In fact, I believe it is becoming more and more possible for young adults in Singapore to become self-made millionaires. When I was 20 years old, 10 years ago, becoming a millionaire by 30 was the dream,' he assured, adding that 'Today, I have seen people who became a millionaire before they even turned 25.' He also credits technology, social media, and the internet for making wealth more accessible, but warns that many are too stubborn to take advantage. 'So many people have a lot of self-sabotaging beliefs and negative mindsets that are stopping them from realizing all these opportunities.' Sales: The unlikely skill that changes everything If you were expecting some kind of magic formula involving real estate flips, viral content, or passive income hacks from him, nope, there's none, so what's his secret? 'I would say that sales has really helped me create my wealth. Everything in life revolves around sales. When you go for a job, you're selling yourself. When you are finding a partner, you are selling yourself,' he revealed his philosophy of success. In short, it's not just about closing deals. It's about learning to communicate, persuade, and position yourself well in work, life, and relationships. And no, he's not doing something shady! Because success often breeds scepticism, he's heard the whispers. 'They think that I'm doing something shady. They think that I got my wealth by doing things that are not legal, and that's far from the truth as well. Because if you're living in Singapore, you definitely need to abide by the law,' he exclaimed. But why does he want to pay it forward? Despite his growing net worth, this youthful millionaire says it's not just about the money anymore. 'I wish that people could also understand that, although we are good at money, not everything we do is in a pursuit of profits. My dream is to share my experience and my knowledge with the younger crowd so that they can also achieve more financial stability,' he shared his vision and was also quick to credit his mentors and the people who helped shape him. 'I have many people in my life who taught me many important lessons, and without this influence, I'll not be where I am today,' he credited them. So what's the real key to success? 'Surround yourself with people who empower you. Surround yourself with people who can point out your blind spots,' he advised, expressing that he himself didn't start perfect—and he wants you to know that it's okay to be so. 'When I was really young, I had many weaknesses. I had many flaws, and to get to where I am today, I had to put down my ego and accept that I'm not as good as I thought,' he reminded us further. Millionaire wisdom: Public transport edition So what does this 30-year-old millionaire want us to know? Make mistakes. Learn fast. Stay humble. Don't chase material validation. Save more than you spend. Learn sales. Think like an entrepreneur—even if you're not one. And above all else: stop making excuses. Because real growth doesn't come from being right, it comes from being humble enough to be wrong—and learning from it. So the next time someone tells you, 'You can't get rich working 9 to 5', show them this story and then hop on a bus or MRT, millionaire-style. Because if a guy who paid over a million dollars in cash for a home still rides public transport, maybe wealth isn't just what you think it is. And maybe, just maybe, the richest life is the one that gives you freedom, not followers. And 'Yes, an average Joe like me can also become a millionaire' — Singaporean, 35, shares his blueprint on how he got rich to own a Lamborghini
CNA
an hour ago
- CNA
Dollar falls as Israel-Iran ceasefire triggers drop in oil prices
The U.S. dollar fell on Tuesday after President Donald Trump announced a ceasefire between Israel and Iran, in news that sparked a risk rally and a sharp drop in oil prices. Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that led millions of people to flee Tehran and prompted fears of further escalation in the war-torn region. Israel has agreed to Trump's proposal, saying it has achieved its goal of removing Tehran's nuclear and ballistic missile threat. The yen and euro benefited from a sharp fall in oil prices as both the European Union and Japan rely heavily on imports of oil and liquefied natural gas, while the U.S. is a net exporter. Against the yen, the dollar was down 0.75 per cent at 145.03. The euro rose 0.27 per cent to $1.1609. It hit $1.1632 a couple of weeks ago, its highest level since October 2021. Adding to the pressure on the dollar were dovish comments from Federal Reserve policymaker Michelle Bowman, who said the U.S. central bank should consider interest rate cuts soon, triggering a fall in U.S. Treasury yields. Fed Governor Christopher Waller said in a television interview last week that he would consider a rate cut at next month's meeting as well. Mohit Kumar, economist at Jefferies, said he expected the Fed to take more time before easing. "We are not in the July camp, but do believe that data should show signs of weakness over the summer months and hence prompt a rate cut in September." Trump said on Tuesday that U.S. rates should be lowered by at least two to three percentage points. Markets are now pricing in close to a 23 per cent chance the Fed could ease rates in July, up from 14.5 per cent a day ago, according to the CME FedWatch tool. Against a basket of currencies, the dollar was down 0.14 per cent at 98.09, extending its more than 0.5 per cent decline in the previous session. Fed Chair Jerome Powell is due to testify before the U.S. Congress on Tuesday and Wednesday, where focus will be on the outlook for U.S. rates. The risk-sensitive Australian dollar got a lift and last traded 0.7 per cent higher at $0.6506 as did the New Zealand currency, which rose 0.75 per cent to $0.6025. Israel's shekel rallied sharply too, jumping 1.5 per cent against the dollar to its strongest level since February 2023. "It's obviously positive news for risk sentiment," said Rodrigo Catril, senior currency strategist at National Australia Bank, of the announced ceasefire. "We need to obviously have a bit more detail in terms of exactly what all this means ... I suppose it will be the conditions of the ceasefire, and what are the conditions for a longer-lasting peace deal." In cryptocurrencies, bitcoin rose 2 per cent to $105,832, while ether jumped 3.2 per cent to $2,425, in a reflection of the positive risk sentiment.
CNA
an hour ago
- CNA
Shares rally, oil slumps as Iran-Israel ceasefire goes into effect
SYDNEY :Oil tumbled 4 per cent, global shares surged and the dollar dropped on Tuesday as U.S. President Donald Trump said a ceasefire between Israel and Iran was in place, a dramatic turnaround after the U.S. bombed Iran's nuclear sites over the weekend. Brent futures had already slid 7 per cent on Monday and U.S. shares jumped after Iran made a token retaliation against a U.S. base and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, the global benchmark was last at $67.68 a barrel, its lowest since June 11. U.S. crude futures dropped 3.6 per cent to $66.02 a barrel. "With markets now viewing the escalation risk as over, market attention is likely to shift towards the looming tariff deadline in two weeks' time," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "Our sense is that the quicker than expected resolution to the Middle East conflict leads to expectations for a swifter resolution on tariffs and trade deals." But for now, equity markets were basking in the eased geopolitical tensions. Risk assets rallied, with S&P 500 futures up 1 per cent and Nasdaq futures 1.3 per cent higher. Europe's Stoxx 600 gained 1.3 per cent in early trade, with travel stocks, such as airlines surging 4 per cent while oil and gas names shed 3 per cent. Earlier in the day MSCI's broadest index of Asia-Pacific shares outside Japan jumped 2.2 per cent while Japan's Nikkei rallied 1.1 per cent. On trade, two sources told Reuters that Japan's tariff negotiator Ryosei Akazawa was arranging his seventh visit to the United States for as early as June 26, aiming to end tariffs that are hurting Japan's economy. Government bonds largely looked through the news. The war has been a challenge for bond traders to process as they have had to weigh safe haven flows against the effect of higher oil prices on inflation. RATE CUTS APPROACHING? Federal Reserve Vice Chair for Supervision Michelle Bowman said the time to cut interest rates was getting nearer as risks to the job market may be on the rise. That followed Fed Governor Christopher Waller saying on Friday he would consider a rate cut at the July 29-30 meeting. Fed Chair Jerome Powell will have his own chance to comment when appearing before Congress later on Tuesday and, so far, has been more cautious about a near-term easing. Markets still only imply around a 22 per cent chance the Fed will cut at its next meeting on July 30, but a September cut is near to fully priced. Ten-year Treasury yields were mostly steady at 4.33 per cent, having declined 5 bps overnight. Germany's 10-year yield was flat at 3.52 per cent News of the ceasefire saw the dollar extend an overnight retreat and slip 0.7 per cent to 145.43 yen , having come off a six-week high of 148 yen overnight. The euro rose 0.2 per cent to $1.1602 on Tuesday, having gained 0.5 per cent overnight. The yen and euro benefited from the slide in oil prices as both the EU and Japan rely heavily on imports of oil and liquefied natural gas, while the United States is a net exporter. The risk-on mood saw gold prices ease 1 per cent to $3,333 an ounce.
