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Thai Industry Official Says Unocal's Gas Price Cut Is Not Enough.
Byline: Yuthana Praiwan
Oct. 4--Unocal Thailand yesterday agreed to reduce the price of natural gas supplied from its Unocal 1, 2 and 3 gas fields by 33 baht to 70 baht per one million BTU, costing the company at least 700 million baht.
However, the price cut involved only 100 million cubic feet per day that were in excess of the amounts stipulated in purchase contracts with PTT Plc, said a Government House source.
The cut will last 15 months, retroactive to July this year until September next year.
The price of gas up to 740 million cubic feet per day stipulated in the contract will remain the same.
The Petroleum Authority of Thailand, now renamed PTT Plc, has for several years purchased gas from suppliers in excess of contracted amounts. As a result, the government has been pressing suppliers to offer better prices.
The source said Unocal's US parent company understood Thailand's current difficult situation and was willing to help limit the impact on the public.
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