ID :
202035
Thu, 08/18/2011 - 07:06
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Shortlink :
http://m.oananews.org//node/202035
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Thailand to revive Land Bridge project
BANGKOK, August 18 (TNA) - The Thai Ministry of Energy plans to revive the Land Bridge Project in the southern region and to explore more potential investment projects to further propel national economic expansions by effectively utilising the country's huge international foreign exchange reserves.
According to newly-appointed Thai Energy Minister Pichai Naripthaphan, his ministry will restart the Land Bridge Project to link the Andaman coast with the Gulf of Thailand in a bid to develop a sustainable energy source for the country. Lang Bridge will comprise several sub projects such as a petrochemical industrial estate and an oil pipeline project--under which public participation, through both public hearing forums and several channels for people's access to proper understanding will be ensured.
Pichai said that the new Thai government's economic team will also hold talks with the Bank of Thailand (BOT) on a plan to set up a national wealth fund to sponsor potential public investment projects, despite a disagreement having echoed by BOT board chairman M.R. Jatumongkol Sonakul, reasoning that the country’s massive international foreign exchange reserves, now standing as high as 187 billion US dollars, should be spent on the potential investment plans, including gold, oil and gas drilling projects, as well as on China's yuan-currency denominated projects due to the strengthening Chinese economy, rather than those on the weaking US dollar, instead of keeping the country's massive international foreign exchange reserves non-productively.
The new Thai energy minister acknowledged that world crude oil reserves have been depleting with rising prices; while those of natural gas in the Gulf of Thailand will run out over the next 10 years, Thailand should, therefore, invest in new projects to particularly explore more petroleum sources and should scale down the country's idle international foreign exchange reserves to some 5-6 month-offer.
The new minister noted that talks to seek a joint venture on overlapping petroleum offshore area between Thailand and Cambodia will also be scheduled with the Cambodian government. (TNA)
According to newly-appointed Thai Energy Minister Pichai Naripthaphan, his ministry will restart the Land Bridge Project to link the Andaman coast with the Gulf of Thailand in a bid to develop a sustainable energy source for the country. Lang Bridge will comprise several sub projects such as a petrochemical industrial estate and an oil pipeline project--under which public participation, through both public hearing forums and several channels for people's access to proper understanding will be ensured.
Pichai said that the new Thai government's economic team will also hold talks with the Bank of Thailand (BOT) on a plan to set up a national wealth fund to sponsor potential public investment projects, despite a disagreement having echoed by BOT board chairman M.R. Jatumongkol Sonakul, reasoning that the country’s massive international foreign exchange reserves, now standing as high as 187 billion US dollars, should be spent on the potential investment plans, including gold, oil and gas drilling projects, as well as on China's yuan-currency denominated projects due to the strengthening Chinese economy, rather than those on the weaking US dollar, instead of keeping the country's massive international foreign exchange reserves non-productively.
The new Thai energy minister acknowledged that world crude oil reserves have been depleting with rising prices; while those of natural gas in the Gulf of Thailand will run out over the next 10 years, Thailand should, therefore, invest in new projects to particularly explore more petroleum sources and should scale down the country's idle international foreign exchange reserves to some 5-6 month-offer.
The new minister noted that talks to seek a joint venture on overlapping petroleum offshore area between Thailand and Cambodia will also be scheduled with the Cambodian government. (TNA)
