Deal to sell rice, rubber to China

[snoop1130]

Deal to sell rice, rubber to China
By: The Nation


Representing Thailand in the train MoU signing ceremony was Transport Minister Arkhom Termpittayapaisith.

BANGKOK -- Thailand and China today signed a memorandum of understanding on agricultural products, which involves the sale of rice and rubber to Chinese companies.

The MoU for agricultural crops was signed on the same day that the Transport Ministry and China signed an MoU to confirm their commitment in a joint train project from Bangkok to Nong Khai.

Representing Thailand in the signing ceremony was Transport Minister Arkhom Termpittayapaisith.

On December 19, there will be the foundation laying stone ceremony for the train project’s control centre.

Under the agricultural MoU, the Commerce Ministry will sell 1 million tonnes of newly-harvested rice to China.

Commerce Minister Apiradi Tantraporn said the rice would be sold to COFCO, or China National Cereals, Oils and Foodstuffs Corporation - one of China’s state-owned food processing holding companies.

In a statement, the Commerce Ministry also said that the Agriculture and Agricultural Cooperatives Ministry will sell 200,000 tonnes of rubber to Sinochem, a Chinese conglomerate primarily engaged in the production and trading of chemicals and fertilizer and exploration and production of oil.

Since the coup in 2014, Thailand has clinched government-to-government rice deals with China, Indonesia and the Philippines, the Commerce Ministry said. Including the new deal signed today, G-to-G rice deals with China involved 3.4 million tonnes of rice, valued totally Bt50 billion.

Apiradi also said the Thai government also plans to strike similar deals with countries in Africa and the Middle.

She explained that under the new MoU signed today, Thailand will deliver 100,000 tonnes of rice per month at the price that will be in line with global levels at the time of delivery.

"The signing sends a positive signal that China is interested in buying more rice from the Thai government," Apiradi said.

Under a deal signed by the previous government, the Thai government has delivered 80 per cent of 1 million tonnes to China. Delivery under the new deal is expected to start early 2016.

Apiradi added that the Commerce Ministry’s team and COFCO would discuss details of the deal.

Source: http://www.nationmultimedia.com/breakingnews/Deals-to-sell-rice-rubber-to-China-30274255.html

-- The Nation 2015-12-03

[Reigntax]

Oh Dear,

Cheap rice deals in exchange for expensive poor quality chinese trains. The marriage is becoming unbreakable.

No wonder the Chinese are visiting in greater numbers, its a home away from home.

[TheCruncher]

Memorandum of understanding.

They have signed so many in the past 18 months that they should know by now that it means exactly nothing.

[Srikcir]

"China is interested in buying more rice from the Thai government,"

How novel.

China is also interested in buying rice from any producer for the right price. Thailand's deal is not an exclusive purchase.

[halloween]

"China is interested in buying more rice from the Thai government,"

How novel.

China is also interested in buying rice from any producer for the right price. Thailand's deal is not an exclusive purchase.

Can you think of any reason it should be exclusive? Isn't selling rice at market price a far better business deal than buying it for more than it is worth and then storing it indefinitely, or faking G2G deals to line your minister's pockets?

[Ks45672]

If China needs anything, it's got to be rubber...

They need something to keep that population under control....

[webfact]

THAI-CHINESE TIES
Govt signs pact over rice and rubber with China
PETCHANET PRATRUANGKRAI,
JEERAPONG PRASERTPOLKRUNG
THE NATION



Deal involves sale of 1m tonnes of rice; no signs of progress in train project

BANGKOK: -- THAILAND and China yesterday signed a memorandum of understanding on agricultural products, related to the sale of rice and rubber to Chinese firms.

The two countries signed a number of cooperation documents on agriculture and transportation, including the joint railway project, last December. However, the deal on the train project has made no significant progress over the past 11 months, and both sides are still far from concluding the pact.

However, Prime Minister Prayut Chan-o-cha affirmed yesterday that the planned bilateral railway project would go ahead, though he admitted that both sides need time to negotiate several aspects.

As for the agricultural MoU, the Commerce Ministry will sell a million tonnes of newly-harvested rice to China. Commerce Minister Apiradi Tantraporn said the rice would be sold to China National Cereals, Oils and Foodstuffs Corporation (COFCO), China's state-owned food processing holding company.

In a statement, the Commerce Ministry said the Agriculture and Agricultural Cooperatives Ministry would also sell 200,000 tonnes of rubber to Sinochem, a Chinese conglomerate primarily engaged in the production and trading of chemicals and fertiliser, as well as exploration and production of oil.

Since the May 22, 2014 coup, Thailand has clinched government-to-government rice deals with China, Indonesia and the Philippines, the Commerce Ministry said. Including the new deal signed yesterday, G-to-G rice deals with China involved 3.4 million tonnes of rice, valued at Bt50 billion in total.

She explained that under yesterday's new MoU, Thailand would deliver 100,000 tonnes of rice per month at a price in line with global levels at the time of delivery.

As for the rail project, Prayut said there were some differences about the proportions of the joint venture - as to how much each side will invest and what the financial deal will be.

"We will have a joint-venture firm. Nobody wants to rely just on the other, but we have to keep in mind the benefits for the people such as how much the tickets should cost," he said.

The premier was responding to media reports that the project was in jeopardy after China increased the construction cost from Bt400 billion to Bt500 billion and demanded high interest on loan to be extended to Thailand for the joint investment.

Thailand and China signed a memorandum of understanding last year to jointly develop the railway linking Nong Khai to Bangkok and Map Ta Phut. But after nine rounds of negotiations, no progress on the deal was made.

However, Prayut insisted that his government would not allow the project to fail.

He explained that other issues that needed to be negotiated centred on the building of the rail system, the operation of the trains and profit sharing.

Source: http://www.nationmultimedia.com/politics/Govt-signs-pact-over-rice-and-rubber-with-China-30274285.html


-- The Nation 2015-12-04

[Ricardo]

"Under the agricultural MoU, the Commerce Ministry will sell 1 million tonnes of newly-harvested rice to China."

So no trying to dispose of any shonky aged/matured rice, which you might happen to have in your warehouses, eh ?

I wonder, but suspect I can already guess, who's going to be eating that stuff for years to come.

[maoro2013]

Sounds a bit like Thailand rolled over on the rubber deal.

[natway09]

This is the 16th MOU signed in the last 2 years

An MOU means nothing nor with China a contract.

When I see the money then I will believe or does it go on the slate for payment of the Generals chuffa train

[phoenixdoglover]

Why do Thai ministries have to broker deals to sell commodities at market prevailing prices?

Follow the money.

[taony]

I thought yesterday China didn't want the rubber. Does anyone know what the <deleted> is going on.

[TheCruncher]

As for the agricultural MoU, the Commerce Ministry will sell a million tonnes of newly-harvested rice to China. Commerce Minister Apiradi Tantraporn said the rice would be sold to China National Cereals, Oils and Foodstuffs Corporation (COFCO), China's state-owned food processing holding company.

In a statement, the Commerce Ministry said the Agriculture and Agricultural Cooperatives Ministry would also sell 200,000 tonnes of rubber to Sinochem, a Chinese conglomerate primarily engaged in the production and trading of chemicals and fertiliser, as well as exploration and production of oil.

They seemingly still didn't learn that a MoU is no pact nor a contract, in fact it means Nada, zilch, nothing at all and is just a waste of the paper it's written on.

Thailand and China signed a memorandum of understanding last year to jointly develop the railway linking Nong Khai to Bangkok and Map Ta Phut. But after nine rounds of negotiations, no progress on the deal was made.

This explains exactly how much value a MoU has.