Map Ta Phut Court Decision Will Hurt Certain Pockets

[Steve2UK]

[OPINION]

OVERDRIVE

Map Ta Phut court decision will hurt certain pockets

By Thanong Khanthong

The Nation

Published on December 4, 2009

Guess who will get hurt the most from the Supreme Administrative Court's decision that upheld the injunction halting 65 of the 76 petrochemical and industrial projects at the Map Ta Phut complex in Rayong. You should be able to come up with the answer in a second. Somewhere on this planet, former prime minister Thaksin Shinawatra must be feeling that free-wheeling capitalism is not going his way.

Earlier, Thaksin lambasted a local press report that suggested he had lost a huge amount of money as a result of the financial meltdown in Dubai. This followed his failure to mobilise red-shirt protesters to create a nasty scene in Bangkok, in spite of collaboration from Cambodian Prime Minister Hun Sen.

Thaksin denied that he had made any investments in Dubai. In fact, Thaksin has lost badly in Dubai. The Arab emirate is now seeking to restructure some US$59 billion (Bt1.95 trillion) in debt owed by its investment arm, Dubai World. Thaksin has had exposure in the real estate and financial markets in Dubai, otherwise he would not have received a red-carpet welcome in the emirate. He likes to invest during a financial boom. But a boom can also turn into a bust.

Thaksin is also about to lose his Bt76 billion currently frozen by the Thai authorities. The Supreme Court for Political Office Holders is holding a hearing into a charge that Thaksin is unusually rich. If Thaksin fails to counter the charges that he concealed his stocks overseas and that his government amended laws to benefit Shin Corp, he will never get his Bt76 billion back. The ruling is expected to be handed down sometime in January or February next year.

The Supreme Administrative Court's ruling on the 76 projects at Map Ta Phut is also very interesting. There has been talk in the financial markets that Thaksin still owns a chunk of shares in Thai energy companies, particularly PTT and its subsidiaries. During his premiership, Thaksin privatised PTT, the crown jewel of the Thai state enterprises. The Finance Ministry's holding in PTT has shrunk in a hurry to less than 50 per cent, although it was supposed to control at least 75 per cent so that the assets of PTT remained in the public domain.

PTT has more than Bt100 billion in investment commitment at Map Ta Phut. It plans to invest in a natural-gas separation plant, but this has now been put on hold due to the court's ruling.

PTT Chemical, a subsidiary of PTT, will also be affected by its planned investment in an ethane cracker, which will take natural gas feedstock from PTT's natural-gas separation plant.

According to an SCB Securities' forecast, PTT's earnings are likely to fall by 8 per cent if its Map Ta Phut investments are delayed by one year. The downward revision earnings for PTT Chemical is 17 per cent, or Bt8 a share.

If PTT makes money, Thaksin will make money too. If it doesn't, he will not.

It should be noted that the Democrats have not stepped in to take control of the key state agencies or state enterprises since they came to power a year ago. This sounds very fishy. Most of the executives associated with the old Thaksin regime are still running the show at most of these state agencies or state enterprises, which control the country's banking, finance, regulatory regimes and energy.

My guess is that there must be a sort of secret agreement between the Democrats and Thaksin so that the Democrats will not touch Thaksin's goose that lays the golden eggs.

And as we know, we can't trust the politicians. They all are playing out a high drama for us to watch.

In addition, some local astrologers are now predicting that Thaksin will lose all of his money.

-- The Nation December 4, 2009

[newsfooter][/newsfooter]

http://www.nationmultimedia.com/2009/12/04...on_30117922.php

[Steve2UK]

There is what some may find to be a useful commentary on Thanong's article from Bangkok Pundit at http://asiancorrespondent.com/bangkok-pund...g-loser-fro.htm

[Stumbo]

Am I the only one trying to figure out how this paranoid <deleted> with an obvious personal agenda has managed to tie in Taksin into Map Ta Put without any evidence whatsoever, just things he has overheard at the pub, claiming there has been talk? This is journalism?

How does this guy keep his job, and why is this tripe reprinted here as "Breaking News"? Oh, that's right we hadn't had our daily anti-Taksin rant had we? And the best for last that astrologers predict he will go broke, which astrologers?

[salty]

Doesn't you heart bleed for him.

[lensta]

Am I the only one trying to figure out how this paranoid <deleted> with an obvious personal agenda has managed to tie in Taksin into Map Ta Put without any evidence whatsoever, just things he has overheard at the pub, claiming there has been talk? This is journalism?

How does this guy keep his job, and why is this tripe reprinted here as "Breaking News"? Oh, that's right we hadn't had our daily anti-Taksin rant had we? And the best for last that astrologers predict he will go broke, which astrologers?

No Stumbo, you aren't the only one. I too can't believe the cra p that is printed in this rag. It is more of the same that was served up a couple of days ago by that other knob end that writes for the nation. TV, by getting into bed with this paper you have seriously damage your credibility! I would humbly suggest that you find a better and more accurate source of information. Seeing as the mods are quick to stamp on anything deemed inapropriate, perhaps they could also stomp on rubbish like this that has no reason to be listed under news. It is just rumor and hear say as usual from the Nation newspaper

[hunglikea]

Hand s up all in agreement

[LaoPo]

:D

Thanong Khanthong

It's unbelievable.

The imagination of Thanong Khanthong has no limits and I'm suspecting him of having secretly studied at the Hans Christian Andersen University of Fairy Tales in Copenhagen, Denmark:

http://www.andersenfairytales.com/en/main

LaoPo ....a day without a laugh.......

[Steve2UK]

Am I the only one trying to figure out how this paranoid <deleted> with an obvious personal agenda has managed to tie in Taksin into Map Ta Put without any evidence whatsoever, just things he has overheard at the pub, claiming there has been talk? This is journalism?

How does this guy keep his job, and why is this tripe reprinted here as "Breaking News"? Oh, that's right we hadn't had our daily anti-Taksin rant had we? And the best for last that astrologers predict he will go broke, which astrologers?

As there was similar confusion about an opinion piece just recently, I made a point of inserting "[OPINION]" at the top of the article - to make it doubly clear it's from The Nation's "Opinion" section. Your "Breaking News" reference is presumably to the new animated banner with changing topic titles that appears under TVF's masthead (and which, I think, are also sent out to subscribers as an SMS alert?); I have to agree - opinion pieces like this don't seem to fit into the category of any type of news..... but perhaps the system just takes the titles of whatever topics get opened in News Clippings here. Maybe Admin could clarify?

For myself, as I already commented at Bangkok Pundit, it does seem like Thanong must really have it in for "NotTheNation" ( http://www.notthenation.com/ ) - this looks like the most determined attempt to knock them off their perch I've seen yet.....

As to how Thanong keeps his job..... I suspect that being Managing Editor probably helps.

Edited December 4, 2009 by Steve2UK

[badgerbailey]

Whatever next, Soi dog fouls footpath and Thaksins wifes sisters nieces cousins aunties daughter steps in it possibly bringing shame to the entire Shinawatra family. Better get it into the breaking news section ASAP!

[RickBradford]

Thaksins wifes sisters nieces cousins aunties daughter

Where's Apostrophe Man when you need him.....?

[sharecropper]

Am I the only one trying to figure out how this paranoid <deleted> with an obvious personal agenda has managed to tie in Taksin into Map Ta Put without any evidence whatsoever, just things he has overheard at the pub, claiming there has been talk? This is journalism?

How does this guy keep his job, and why is this tripe reprinted here as "Breaking News"? Oh, that's right we hadn't had our daily anti-Taksin rant had we? And the best for last that astrologers predict he will go broke, which astrologers?

No. This is getting beyond a joke. Shameful, imbecilic, embarrassing. You name it, but it's bread and circuses for the masses, and helps to keep them focussed on utter rubbish whilst the country goes to the dogs.

[basjke]

Am I the only one trying to figure out how this paranoid <deleted> with an obvious personal agenda has managed to tie in Taksin into Map Ta Put without any evidence whatsoever, just things he has overheard at the pub, claiming there has been talk? This is journalism?

How does this guy keep his job, and why is this tripe reprinted here as "Breaking News"? Oh, that's right we hadn't had our daily anti-Taksin rant had we? And the best for last that astrologers predict he will go broke, which astrologers?

As there was similar confusion about an opinion piece just recently, I made a point of inserting "[OPINION]" at the top of the article - to make it doubly clear it's from The Nation's "Opinion" section. Your "Breaking News" reference is presumably to the new animated banner with changing topic titles that appears under TVF's masthead (and which, I think, are also sent out to subscribers as an SMS alert?); I have to agree - opinion pieces like this don't seem to fit into the category of any type of news..... but perhaps the system just takes the titles of whatever topics get opened in News Clippings here. Maybe Admin could clarify?

For myself, as I already commented at Bangkok Pundit, it does seem like Thanong must really have it in for "NotTheNation" ( http://www.notthenation.com/ ) - this looks like the most determined attempt to knock them off their perch I've seen yet.....

As to how Thanong keeps his job..... I suspect that being Managing Editor probably helps.

I read your post in the other topic you are refering to since i posted in that topic myself.If I understand all this correctly,may I ask you how long it takes before your member name will show up in red colour at the bottom of the page?

[Bagwan]

Whatever next, Soi dog fouls footpath and Thaksins wifes sisters nieces cousins aunties daughter steps in it possibly bringing shame to the entire Shinawatra family. Better get it into the breaking news section ASAP!

More chaff for Breaking News. The person formerly known as Thaksin no longer has a wife.

For Stop Press column :- The Shinawatra family has never possessed a sense of shame.

[LaoPo]

Seven Thai chemical projects now moving forward

By Gurdip Singh | PLASTICS NEWS CORRESPONDENT

Posted December 4, 2009

BANGKOK (Dec. 4, 12:25 p.m. ET) — Petroleum Authority of Thailand is moving ahead with seven chemical plant projects in the Rayong Province, south of Bangkok, which had been suspended by Thailand’s government.

Back in September, a court order had suspended 76 projects with a total investment of 130 billion baht ($3.9 billion) in Map Ta Phut Industrial Estate.

The company now is allowed to proceed with seven of the projects, following a new Supreme Administrative Court ruling.

The PTT Group projects allowed to proceed are:

Gas Separation Plant No. 6; PTT Aromatic and Refinery Public Co. Ltd.’s Clean Fuel and Upgrading Project; Vapor Recovery Unit and Bio diesel Project; PTT Chemical Public Co. Ltd.’s Butene-1 tank & jetty project; HMC Polymers Co. Ltd.’s Monomers Recovery Unit Project; Star Petroleum Refinery Co. Ltd.’s Clean Fuel, Vapor Recovery Unit and Bio diesel Tank Project; and Jet A-1 Loading Arm Project.

The court decision follows PTT’s October appeal. The court had stopped the projects, saying they needed additional environmental, health and safety approvals.

Meanwhile, the Siam Cement Public Co. (SCC) says 18 of the 20 projects in the Map Ta Phut area were still affected by the Central Administrative Court order.

SCC said the 18 projects by its subsidiary SCG Chemicals Co. Ltd. are new projects, capacity expansion projects and enhancement modification projects. SCG has budgeted Baht 57.5 billion ($1.74 billion) in the 18 projects.

SCG said two projects with a cost of Baht 2.5 billion ($75.41 million) were given approval to proceed.

http://www.plasticsnews.com/headlines2.html?id=17263

LaoPo

[LaoPo]

Long term impact of 65 projects stalled on environmental concerns by Centra... (4-12-2009)

Of the upcoming projects at Map Ta Phut (the world's eighth-biggest petrochemicals hub) that have been stalled since September, 11 major projects have been allowed by a Thai court to resume on Wednesday.

However, the remaining 65 projects have been stalled on environmental concerns by an order of the Central Administrative Court in Thailand. The order encompassed suspension of operations at 76 industrial projects (total value of US$12.1 bln) worth US$9 bln at Map Ta Phut.

The court ruling allowed temporary resumption at 11 projects with an estimated value of US$1.1 bln, until an independent body is appointed to fully assess the environmental and health impact.

With this decision, parameters that allowed investors to predict the financial viability of projects have been changed to their detriment in Thailand. This decision is expected to have a long term impact on current investors, the current economy as well prospects of foreign direct investment into Thailand anxious for a more positive 2010.

The central bank estimates that Thailand’s export-dependent economy may see growth cut by 0.5 percentage point from the 5.3% growth projected for next year because of a one-year delay in investments. Also, the process of drafting new rules and laws for the projects to comply with the constitution could take more time than currently anticipated.

In 2009, foreign direct investment into Thailand dropped 9% to US$7.7 bln from 2006, during which, foreign investment into Indonesia nearly doubled to US$8.34 bln and inflows to Vietnam quadrupled to US$8 bln.

Petrochemical, refinery and electricity projects in Map Ta Phut prop Thai manufacturing and exports, which amount to about 60% of economic output. These projects that have been deferred had passed the environmental impact assessment study required by law.

But under the constitution, they still need input from an independent organisation made up of environmentalists, health experts and academics on the environment and health as required by Section 67.

The problem is that the organisation has not been formed as yet. The Natural Resources and Environment Ministry that is responsible to form the organisation has failed to do so.

In the bargain, it has eroded the confidence of many foreign investors who have decided it might be better to defer investing in Thailand.

From: Plastemart/Plasticnews

LaoPo

[LaoPo]

PM seeks solution to suspended projects at Map Ta Phut

BANGKOK, Dec 4 (TNA) - Thailand's government will apply three measures to resolve the status of manufacturing projects suspended in the Map Ta Phut Industrial Estate in the eastern province of Rayong, according to Prime Minister Abhisit Vejjajiva.

Thailand’s Supreme Administrative Court on Wednesday upheld the suspension of 65 factories and industrial projects in the country’s largest industrial estate, but 11 projects designed to reduce environmental impact problems have received permission to continue their operations.

Mr Abhisit told reporters after chairing a meeting of concerned government ministries to solve the environmental impasse that the government would implement the three measures to deal with the problem.

Firstly, the four-party Map Ta Phut panel chaired by former prime minister Anand Panyarachun was drafting regulations in support of the Constitution's Article 67, which would be a basic principle for all projects to follow, which when implemented could lead to the court to withdraw its order suspending the projects.

Secondly, he said, the government has responsibility to inform the private sector to know about the court order

and wanted the private sector to observe the court's order strictly.

And thirdly, as a short term measure to limit the damage and building confidence, the Ministries of Industry and Energy have been assigned to prepare reports on the status of each project that is affected by the court order.

The remedy for the affected projects would be prepared after receiving details from the Industry Ministry.

In September, the Central Administrative Court in September issued an injunction ordering suspension of the 76 industrial projects at Map Ta Phut, due to environmental concerns.

The court injunction followed complaints from local residents and environmental groups that state agencies had failed to issue proper operating licences for the industrial projects.

Meanwhile, Finance Minister Korn Chatikavanij on Thursday urged Thailand's creditor financial institutions to extend their loan repayment period for the owners of 65 suspended investment projects in the Mab Ta Put Industrial Estate since the Supreme Administrative Court’s decision to uphold suspension of the projects might affect their cash flow.

At this stage, he said, the project owners must accelerate preparing a report on the environmental impact assessment. All projects can resume their operations if their reports are approved.

However, he acknowledged that the court ruling could likely affect the ability of the companies to implement their projects and receive any cash flow as the projects receiving the loan support are not producing.

Consequently, it is necessary for creditor banks to discuss with their debtors impacts they had got from the court’s decision. The banks might opt to extend the loan repayment period for the affected debtors.

"Actually, it is a responsibility of each creditor bank to assess the possible impact on projects to which it gives financial support. In my view, most banks make a feasibility study of the projects carefully before they approve a loan," he said.

Mr Korn added that the court’s ruling, which was made rather quickly, is considered timely because it could serve as a clear guideline for all agencies concerned to follow.

He allowed the environment awareness is one of crucial matters all countries including Thailand must recognise and comply with. (TNA)

-- TNA Dec 4, 2009

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LaoPo

[Changian]

The original Op Ed would be far more accurate if Thaksin's name was replaced by, say, 'Crown Property Bureau' which is exposed in a big way to Siam Cement, PTT and pretty much every large Thai conglomerate, also has close links to certain influential people.

Anyone have any theories why TV is trying to drag itself down to the level of The Nation? I think it's a plot by a certain Mr T.

[Steve2UK]

I read your post in the other topic you are refering to since i posted in that topic myself.If I understand all this correctly,may I ask you how long it takes before your member name will show up in red colour at the bottom of the page?

I'm not sure if I understand the question correctly, but a member name shown in red signifies a moderator; blue = admin; there's also green occasionally - "honorary members" - not sure what that means.

[Steve2UK]

Prachatai English have an entertaining take on the court decision at http://www.prachatai.com/english/node/1523 (the third "Phone a Friend" conversation - but the first two also made me smile).

[jamesjdaly]

That bastard deserves to lose everything he obtained illegally. Serves him right.

[dude007]

Am I the only one trying to figure out how this paranoid <deleted> with an obvious personal agenda has managed to tie in Taksin into Map Ta Put without any evidence whatsoever, just things he has overheard at the pub, claiming there has been talk? This is journalism?

How does this guy keep his job, and why is this tripe reprinted here as "Breaking News"? Oh, that's right we hadn't had our daily anti-Taksin rant had we? And the best for last that astrologers predict he will go broke, which astrologers?

Stumbo, although I don't like this Toxin venom, you're fully right on the quality of journalism that we are now facing and enduring today. It's getting frightening and more and more papperazzi-styled.. High time to have crack-down on poor journalism!