Open the “Oil Fund” timeline for more than a year, struggling to find the first money

current situation forecastfuel reserve As of October 30, 2022, it was negative 129,701 million baht, divided into oil accounts, negative 86,781 million baht, LPG accounts, negative 42,920 million baht.PTT Public Company Limited Monthly at 1,000 million baht, resulting in a negative oil reserve of 128,701 million baht, a total cash flow of 3,945 million baht.

Having to cut heavily through 100 billion baht, the oil fund has moved on to borrowing money to improve liquidity. Throughout the past year, the oil fund position as of October 31, 2021 was still cashed at 7,144 million baht, with more than 40 billion baht in cash flow until it began to turn negative in early December 2021 until the present, which is 1.2 billion.

Anyway Office of the Fuel Reserve (NSC) has started processing the first loan worth 20 billion baht since the end of 2021 by sending an invitation letter tofinancial institutionSend conditions toNESDB By January 31, 2022, but no financial institution has submitted an offer.

A source from the Ministry of Energy said that the oil fund extended the timeframe for financial institutions to April 30, 2022 because there was no one.financial institutionwho proposed In order to get more money to support the current negative account, increasing every day until it is above the ceiling level that the oil fund will be able to tolerate.expand the money ceilingat 40 billion baht already

“thoughoil reservoirIt will start to become negative in April. 2021, half a million baht already but the oil fund continues to subsidize diesel prices not exceeding 30 baht per liter, which the government is againstCabinet Decided to stop holding the diesel price by releasing half of the subsidy​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​from the price of 30 baht per litre, which is with the price situationthe world’s crude oilThere is still volatility and also an increase Due to the political factors between Russia and Ukraine since February 24, 2021, there is no sign of a decrease. and directly affects world energy prices.”

However, the meeting of the Petroleum Reserve Management Committee (Korbon) with Mr Supattanapong Punmeechao, the Deputy Prime Minister and the MinisterMinistry of Energy Presided over on April 27, 2022. The guidelines were approved for adjusting the price of diesel fuel from May 1, 2022, up to 32 baht per liter, from maintaining the level of no more than 30 baht per liter for a period of one while the fund spent oil 10 baht per liter of subsidies, reducing more than 600 million baht per day

If there is no subsidy, the diesel price will be 40 baht per liter and only half the subsidy ​​​​​​​​​​​​​​​​​​​​​​​​​​​​ The Cabinet will make the ceiling at 35 baht per liter Currently, the fuel fund situation is On April 26, 2022, negative 56,278 million baht Divided into negative oil account of 24,302 million baht, and negative domestic LPG account of 31,976 million baht, with current cash flow of 12,416 million baht.

Anyway Although the Oil Fund extended the loan offer period, no financial institutions were still confident to grant the loan, causing the NBTC to find other ways, especially to negotiate with the Ministry of Finance. To do anything for the Oil Fund? Because in the middle of 2021, the oil fund has passed more than 100 billion baht.

Later, the frog table. On July 11, 2022, fixeddiesel priceat 35 baht per liter for the 4th week, confirming that the loan scheme will be clearly disclosed again within July 2022.

By dividing the credit limit into 3 main parts such as

1. Borrow under 50% loan

2. Money collected for the oil fund including money used to manage various debts in the proportion of 25-30%

3. Ask for cooperation from 6 refineries, about 20-25%, which cannot be agreed with the refineries. PTT Public Company Limited Approved a budget of 3,000 million baht, 1,000 million baht per month (Sept-Oct-Nov. 2022) for the Oil Fund Although the loan plan is still unclear at all.

In this regard, the Cabinet on October 25, 2022, the Council of Ministers approved the lending criteria of the NBTC. underRoyal Decree (Royal Decree) Relaxation for the Ministry of Finance to guarantee the repayment of the debt of the Fuel Fund Office BE 2022 in the amount of 150 billion baht.

Mr Kulit Sombatsiri, the Permanent Secretary of the Ministry of Energy, said that the initial loan scheme of the Oil Fund will be a 12 month installment loan, divided into 2 loan lots. the first lot within the limit is 30 billion baht, the remaining 120 billion baht will be the second lot, which must be considered appropriate to divide the amount per installment again according to the range of the situationborrow moneyit must be completed according to the terms of 1 year, but the loan payment is still going on In the past, we used to borrow 70,000 million baht, it would take about 3-4 years to repay.

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