The government will not rush to sell some of its shares in PTT Plc and Thai Airways International this year or next until the public has a full understanding of the issue, new Finance Minister Kittiratt Na-Ranong said on Monday.
Mr Kittiratt said the concept was good, but it could be delayed until people understood it better.
Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong (Photo by Chanat Katanyu)
The government hoped the sales will reduce public debt to enable it to borrow more money to finance its flood rehabilitation and prevention scheme, along with infrastructure development.
He denied the sales were intended to conceal the public debt as claimed by former finance minister Thirachai Phuvanatnaranubala. The government's shares in the state enterprises would be sold in a straightforward and transparent manner.
It would be a case of administering shares in state enterprises by the government, he said.
"The government's aim is not to conceal the debt or doctor an account, but to properly administer the debt.
"By transferring the shares to the Vayupak Fund, the government would still be able to supervise them. The government has no policy to sell the shares to entities outside its supervision," Deputy Prime Minister Kittiratt said.
Labour unions of the Metropolitan Electricity Authority submitted a letter to the Finance Ministry on Monday opposing the plan to sell some of the government's shares in PTT and THAI to reduce its holdings in both to below 50 per cent. The sales would remove the companies' debts from the government's public liabilities account.
The unions said by doing so, it would cause damage to the country and put a greater burden on the people in the future.
Former energy minister Pichai Naripthaphan (Photo by Tawatchai Kemgumnerd)
Former energy minister Pichai Naripthaphan said he supported the government's plan to transfer the shares in PTT to the Vayupak Fund.
"Even if PTT shares are transferred to the Vayupak Fund, the government's stake in the company remains at 70 per cent.
"PTT's debt is not a bad debt since the company is strong and can manage its debt problem," Mr Pichai said.
He urged new Energy Minister Arak Chonlatanon to continue working on energy price restructuring.
"The new energy minister is adept and I believe he can perform his job well. The key policy he must continue is the country's energy structure," Mr Pichai said.
Prices of compressed natural gas (CNG) and liquefied petroleum gas (LPG) needed to be adjusted as energy usage in Thailand was not efficient enough, he said.
Mr Arak will also have to deal with the burden of the state Oil Fund on the fuel price subsidy.
Mr Pichai said the new energy minister should focus on oil and gas investment between Thailand and Cambodia to help boost the country's energy stability. He should also promote efficient energy consumption to help reduce oil imports.
"I'm not sorry that I'm left out of the cabinet because this is normal in politics. I don't have expectations but I'm ready to work if there's an opportunity," the former energy minister said.
Meanwhile, Bangchak Petroleum president Anusorn Sangnimnuan said the company might scrap its plan of constructing five to 10 LPG outlets this year after the government's announcement to raise the alternative energy price to 4.90 baht a litre.
The state majority-owned oil refinery and retailer currently produces 3,000 to 4,000 tonnes of LPG a month, Mr Anusorn said.
Earlier this month, the National Energy Policy Council approved the resumption of Oil Fund levies on petrol, gasohol and diesel, starting on Jan 16, and resolved to raise the price of CNG by 0.50 baht per kilogramme, sold as natural gas for vehicles (NGV).
The monthly levies collected on petrol and gasohol by the state Oil Fund will be one baht a litre, and diesel 0.60 baht a litre.