Probe ordered about a plan to purchase another lot of 100,000 tonnes of raw palm oil

[Lite Beer]

Probe ordered about a plan to purchase another lot of 100,000 tonnes of raw palm oil

BANGKOK: -- Deputy Prime Minister Somkid Jatusripitak has ordered an investigation to find out if a panel tasked with helping farmers has agreed in principle to let the Public Warehouse Organisation to purchase another lot of 100,000 tonnes of raw palm oil from oil extracting firms at an estimated 2.89 billion baht.

Mr Ubonsak Bualuang-ngarm, chairman the central farming groups committee and a panel of the panel said he doubted the panel had made such decision to let the PWO to buy the raw palm oil at a meeting of July 15 as reported in the meeting’s minute by the Internal Trade Department in its capacity as the secretary of the panel.

He claimed that the panel didn’t make a decision and the chair of the meeting, then Deputy Prime Minister M.R. Pridiyathorn Devakula, instructed the PWO to make an assessment of the palm oil situation with a report of the PWO’s performance for submission to the panel.

Also, Pridiyathorn instructed the PWO to first fulfill its job to purchase the first lot of 100,000 tonnes of raw palm oil which was still 80,000 tonnes short, said Mr Ubonsak.

He explained that the panel then objected to the purchase of the second lot of raw palm oil because it was estimated that there only 184,000 tonnes available when the first purchase was made.

Out of a sudden, it was reported that there were about 400,000 tonnes of raw palm oil available locally when there was a proposal for the purchase of the second lot, said Mr Ubonsak, adding that he suspected the additional palm oil might have been smuggled into the country from Malaysia by unscrupulous traders who expected to make a hefty profit by selling them to the PWO because the palm oil price in Malaysia is much cheaper

Source: http://englishnews.thaipbs.or.th/probe-ordered-about-a-plan-to-purchase-another-lot-of-100000-tonnes-of-raw-palm-oil

-- Thai PBS 2015-10-03

[ratcatcher]

Deputy Prime Minister Somkid Jatusripitak has ordered an investigation to find out if a panel tasked with helping farmers has agreed in principle to let the Public Warehouse Organisation to purchase another lot of 100,000 tonnes of raw palm oil from oil extracting firms at an estimated 2.89 billion baht.

[Nigeone]

Here we go again!!

[clockman]

A previous minister, Sutep was behind a palm oil scam!

[bassman]

_{Somebody is going to the 30 day inactive post punishment soon. Corruption will not be tolerated here.}

[speedtripler]

A previous minister, Sutep was behind a palm oil scam!

Suthep is still one of the largest owner of palm oil farms and factories in the south

I wouldn't be a bit surprised if he is somehow involved in this...

[Srikcir]

Since Somkid is new to the cabinet, he may have missed the recent history on the palm oil program. I hope this helps:

2015-05-30

“A 2.6 billion baht fund has been allocated to allow the Public Warehouse Organisation to implement the oil palm price stabilization scheme by buying 100,000 tonnes of raw palm oil from palm oil extraction factories.”

the PWO would, in the next step, issue an announcement inviting palm oil extraction factories to join the scheme which is scheduled to start in June.

A quota system will be set and the amount of palm oil that the PWO will purchase from the participating factories will be determined by the amount of oil palm produced in each respective province. The purchasing price is set at 26.20 baht per kilogramme oil palm oil.

The palm oil purchased by the PWO will be kept in stocks and, afterward, will be sold to domestic refineries. There will be no export of palm oil because the price of palm oil abroad is lower than the price set by the PWO.”

2015-07-24

“The Ministry of Commerce is poised to continue its intervention scheme to prop up palm oil prices, despite a recent oversupply.

Under the scheme, the suggested price of palm kernels with 17-percent oil content is 4.20 baht per kg. That of raw palm oil is 26 baht per kg. The Public Warehouse Organization is tasked with stocking up on raw palm oil.

To enforce intervention buying, Gen. Chatchai led a team of officials down to southern Thailand to visit one of the biggest oil refineries in Surat Thani province, where he restated the objectives of the scheme to operators and agriculturists.”

2015-09-12

“The Ministry of Commerce is purchasing palm fruits at the price of no less than 3.20 baht per kilogram, one baht lower than the previous benchmark price in the country.

Chutima Bunyapraphasara, Permanent Secretary for Commerce, said the price of palm oil traded in the country is relatively higher than the actual price in the international market, which prompted domestic reserves to hit 450,000 tons, 200,000 tons higher than the average amount.

In order to solve the oversupply, the ministry has decided to buy palm fruits at the price of 3.20 baht per kilogram.”

An investigation is unnecessary. Just speak to Gen. Chatchai and read ThaiVisa!

[mikemac]

But, but, Suthep !

[bamnutsak]

Never a good idea to shine a light on the inner workings of the Military Junta and it's programs.

They would never, ever conduct populist policies. And they should be trusted as they only want to do what's best for Thailand.

Probes of this sort will only cause divisiveness, and prolong the long march towards Democracy.

Please continue to give the Military Junta time to reform Thailand, and set the Kingdom on a path to a Sufficiency Democracy.

[Seastallion]

It sounds like the DPM is onto it. Discrepancies in the minutes and discrepancies in the amount of oil available means big time corruption.

Just like with the Yinluck rice subsidies that attracted Burmese rice buyers to smuggle their rice into Thailand for the better prices (and at the time the fugitive billionaire was going to meetings in Burma...funny coincidence), now we are seeing Malaysian oil buyers selling their oil at the propped-up prices in Thailand.

Whoever wrote the minutes is in on it, obviously.

[Jeremy50]

A nasty filthy product responsible for the destruction of thousands of square miles of rain forest, and obesity in millions of people.

[SOTIRIOS]

....genius...not...seems like they are tripping over their own feet...and the left hand doesn't know what the right hand is doing....

[Mudcrab]

A nasty filthy product responsible for the destruction of thousands of square miles of rain forest, and obesity in millions of people.

Oh dear...still.... not to worry...lets all sit in our state sanctioned grass huts cooking by buffalo dung singing Kumbaya.

[Seastallion]

A nasty filthy product responsible for the destruction of thousands of square miles of rain forest, and obesity in millions of people.

Oh dear...still.... not to worry...lets all sit in our state sanctioned grass huts cooking by buffalo dung singing Kumbaya.

No, sit in your normal house, but sing about the demise of hundreds of orangutans.

The smoke from Indonesia that has shrouded much of Thailand for months is an indication of how much jungle is being cleared for palm oil.

Thankfully, boycotts are working, hence the low international price for the oil.

Bit too late for so much wildlife though.

[MZurf]

Never a good idea to shine a light on the inner workings of the Military Junta and it's programs.

They would never, ever conduct populist policies. And they should be trusted as they only want to do what's best for Thailand.

Probes of this sort will only cause divisiveness, and prolong the long march towards Democracy.

Please continue to give the Military Junta time to reform Thailand, and set the Kingdom on a path to a Sufficiency Democracy.

I really hope you were being ironic because the alternative is that you're delusional.

[MaeJoMTB]

A nasty filthy product responsible for the destruction of thousands of square miles of rain forest, and obesity in millions of people.

Oh dear...still.... not to worry...lets all sit in our state sanctioned grass huts cooking by buffalo dung singing Kumbaya.

No, sit in your normal house, but sing about the demise of hundreds of orangutans.

Will I miss them from the lunch menu?

I think not!

[mrrizzla]

A previous minister, Sutep was behind a palm oil scam!

SSSSSSShhhhhhhhhhh he saved us from those dirty shins don't you know!

Some corruption is ok as long as it's on the 'right' side

[Mudcrab]

A nasty filthy product responsible for the destruction of thousands of square miles of rain forest, and obesity in millions of people.

Oh dear...still.... not to worry...lets all sit in our state sanctioned grass huts cooking by buffalo dung singing Kumbaya.

No, sit in your normal house, but sing about the demise of hundreds of orangutans.

The smoke from Indonesia that has shrouded much of Thailand for months is an indication of how much jungle is being cleared for palm oil.

Thankfully, boycotts are working, hence the low international price for the oil.

Bit too late for so much wildlife though.

Couldn't possibly be from natural causes including an extended dry season could it?

[mikemac]

Environmental rights activists also say that palm oil corporations owned by Malaysian and Singaporean investors are among those accused of the illegal burning.

https://en.wikipedia.org/wiki/2015_Southeast_Asian_haze

[mikemac]

It’s dry season in Indonesia, which in some parts means it’s time to clear more land for palm oil plantations—with fire. In recent days, most of Sumatra (about double the size of Great Britain) was covered in a stifling layer of smoke so large it affected neighboring Singapore and parts of Malaysia, too. The smoke has also led to cancelled or delayed flights and health problems.

http://qz.com/496410/everywhere-around-indonesia-is-smoked-out-due-to-the-economics-of-palm-oil/

Heck I could post these links all night if I wanted to. Just enter "indonesia burning forest 2015 + palm oil" into Google and there are thousands of sites featuring stories about the disgusting rates rainforests are being burnt to make way for palm oil production.

I never buy this horrible product either.

[OneZero]

I don't know if this is in any way related, but since July the stock price of Thai vegetable Oil Public Company (tvo) has increased approx 25% (from approx 22 or 23 area up to approx 28 roughly). Insiders at work?

[Prbkk]

A nasty filthy product responsible for the destruction of thousands of square miles of rain forest, and obesity in millions of people.

Oh dear...still.... not to worry...lets all sit in our state sanctioned grass huts cooking by buffalo dung singing Kumbaya.

Date, time, place? Sounds like fun.

[Orac]

I don't know if this is in any way related, but since July the stock price of Thai vegetable Oil Public Company (tvo) has increased approx 25% (from approx 22 or 23 area up to approx 28 roughly). Insiders at work?

Picked some up in July mainly for the dividend at over 6% - nice little earner!

Lot of the increase is due to soy bean pulp used for feed rather than palm oil though.

Edited October 3, 2015 by Orac

[smutcakes]

Watch your back Somkid. Messing with PTP is one thing, messing with big Democrats is a completely different barrel of fish. I am sure someone will get the word to you soon.

[harada]

Different year same BS.