Pirapan Salirathavibhaga Pushes for Strategic Oil Reserve System in Thailand.

Bangkok: "Pirapan" accelerates the establishment of a Strategic Petroleum Reserve (SPR) to create a strategic oil reserve system to support Thailand's energy security. It is expected that the related laws will be completed by the end of 2024 so that people pay for energy at the actual cost. Mr. Pirapan Salirathavibhaga, Deputy Prime Minister and Minister of Energy, gave a special lecture on 'Government Policy on National Energy Development for Sustainable National and People's Security' at the seminar 'Development of Public Energy Services for People's Security' organized by the State Enterprise Labor Relations Confederation. According to Thai News Agency, Mr. Phiraphan emphasized his aim to solve the energy problems faced by the people. He has been actively gathering information on the true cost of electricity and oil, and studying various laws related to both oil and natural gas. His goal is to find ways to reduce the burden of energy expenses in a fair and sustainable manner for all parties involved. High lighting the importance of energy security, he recounted how Thailand previously drilled for oil in Fang District, with excess oil being sold to the people without profit considerations. He noted a shift in focus towards business rather than security following the establishment of the Petroleum Authority of Thailand, with no legal improvements in over 50 years. Currently, Thailand lacks a Strategic Petroleum Reserve (SPR) system, which compromises its energy security. In response, Mr. Phiraphan has drafted the SPR law to establish an oil reserve system without requiring government investment in oil depots and purchases. This initiative aims to stabilize oil prices, including natural gas, by managing pricing directly between the government and oil traders, rather than allowing fluctuations based on the global market. The Ministry of Energy is making strides to ensure transparency in oil pricing by requiring companies to display actual costs, thereby preventing public exploitation. The ministry is also drafti ng critical energy laws, such as those regulating oil and gas trading, facilitating solar rooftop installations, and establishing the SPR to replace the Oil Fund. These laws are currently under review and expected to be finalized by 2024. Mr. Phiraphan stated, "I came to work here not to promote myself, but to do what needs to be done. In terms of electricity costs, I can assure you that I will fight for the people, doing everything I can to prevent electricity costs from increasing. The same goes for oil." He also emphasized the importance of improving oil quality for environmental benefits while mitigating cost impacts on the public. Moreover, he prioritizes Carbon Neutrality and Net Zero plans, assigning the EGAT to explore options like pumped-storage hydropower and solar energy to maximize benefits.