FTI backs new round of petroleum concession bidding contests

BANGKOK, January 21 (TNA) - The Federation of Thai Industries (FTI) has supported and called for the government to go ahead with and complete its process of the 21st round of bidding contests for petroleum concessions, while also ensuring transparency and the protection of the national interest. FTI Chairman Supant Mongkolsuthee told journalists on Wednesday that FTI has agreed with the 21st round of petroleum concession granting, but the activity needs to be transparent, accountable and beneficial to the whole nation, instead of any group in particular. FTI Vice Chairman Chen Namchaisiri then urged the Thai government to proceed quickly with the petroleum concession-granting plan and study alternatives, including production-sharing for future implementation, pointing out that the sharing may be suitable for joint petroleum development with neighboring countries in the near future. The FTI vice chair cautioned if the government wants to apply production-sharing in the 21st round of concession competition, it should do that quickly; otherwise, national energy security could be jeopardized, as the local production of natural gas would drop in the near future and the development of commercial petroleum production at a new location would take as many as 10 years. The FTI vice chair also suggested that the government well compensate local communities affected by the new petroleum projects. (TNA)