>1 3So 777Do_imt of

The World Bank

FOR OmCIAL USE ONLY

MICROFICHE COPY

Report No. P- 5752-T[H Type: (PM)FARHANDI / X80478 / DS 047/ EA1IE Repo No.P-5752-TH

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE

EXECUTIVE DIRECTORS

ON A

PROPOSED LOAN

IN THE AMOUNT EQUIVALENT TO US$105 MILLION

TO THE

PETROLEUM AUTHORITY OF THAILAND

WITH THE GUARANTEE OF THE

KINGDOM OF THAILAND

FOR A

BONGKOT GAS TRANSMISSION PROJECT

JUNE 11, 1992

This docment has a restricted distribution and may be used by recipients only in the performance ofthi offical duties Its conte_t may not oteise be disclosed without World Bank authorization.

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CURRECY EQIVAL NS(As of December 15, 1991)

Currency Unit - Baht (B)US$1.0 - B 25.52B 100 - US$3.92

UNITS AND BEUIVALENTS

umcfd million standard cubic feet per daytcf trillion cubic feet

ABBREVIATIONS AND ACRONYMS

EGAT Electricity Generating Authority of ThailandNIS Management Information SystemPTT Petroleum Authority of ThailandSCADA Supervisory Control and Data Acquisition

PTT's FISCAL YEAR

October 1 to September 30

FOR OMCL41 USE ONLY

THAXLAND

BQNGROT GAS TRANSMISSION PROJECT

Loan and Proiect Summary

Borrower: Petroleum Authority of Thailand (PTT)

Guarantor: Kingdom of Thailand

Amount: US$105 million equivalent

Lending Terms: 17 years, including a grace period of 4 years, at theBank's standard variable interest rate

Financing Plan:Local Foreig Total----- US$ million -----

Japan Exim Bank 7.0 45.0 52.0Asian Development Bank 8.0 50.0 58.0U.S. Exim Bank 0.7 6.6 7.3Commercial Borrowing 10.0 46.0 56.0PTT Internal Cash 15.1 76.6 91.7IBRD _4.2 100.8 105.0

TOTAL 45.0 325.0 3

Economic Rate of Return: 261

Staff Appraisal Report: No. 10465-TH

IBRD No. 23485 and IBRD No. 23519

This document has a restricted distribution and may be used by recipients only in the performanceof their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

EMEOWDNDUM AND RECOMMENDATION OF THE PRESIDENTOF THE IBRD TO THE EXECUTIVE DIRECTORS

0 A PROPOSED LOAN TO TIE PETROLEUK AUTHORITY OF THAILANDFOR A BONGIOT GAS TRANSMISSION PROJECT

1. I submit foi your approval the following memorandum andrecommendation on a proposed loan to the Petroleum Authority of Thailand(PTT) with the guarantee of the Kingdom of Thailand for the equivalent ofUS$105 million to help finance a project for the transmission of naturalgas. The loan would be at the Bank's standard variable interest rate, witha maturity of 17 years, including 4 years of grace.

2. J.;kground. Thailand's dramatic economic growth in recent years,averaging 11.5% since 1987, has led to a sharp increase in the consumptionof commercial energy, particularly oil and gas. Demand for commercialenergy continues to far exceed domestic supplies.

3. Until about 1980, Thailand depended on imported energy for almost94X of its commercial energy needs. The prospects of higher oil prices andthe economy's critical dependence on an uninterrupted supply of oil tosustain its rapid growth prompted the Government to re-examine its energypolicy. The key elements of the revised strategy have been: reducing thecnuntry's reliance on imported energy by increasing exploration for anddevelopment of domestic resources, particularly natural gas; promotingefficient utilization and conservation of energy; reducing the negativeenvironmental impacts of energy production and use; and, to the extent thatimport of energy is unavoidable, formulating a coherent policy for energyImport.

4. The Government's implementation of the new strategy resulted inthe country's dependence on imported energy being reduced from 941 in 1980to 631 in 1990, prinarily through increased production of gas. Gasproduction, which began in 1981, reached about 730 million cubic feet perday (mmcfd) by 1991. The upstream operations of the gas sector are carriedout by private international oil companies, while transmission andwholesale distribution of gas are undertaken by PTT.

5. The total consumption of dry natural gas in Thailand in 1991 was627 mmcfd, 931 of which was used for power generation. There is ampledemand for natural gas in the foreseeable future. Projections indicatethat the country's demand for natural gas will reach 1,975 mmcfd by theyear 2000, with about 1,400 mmcfd going to the power sector including 610mcfd for combined-cycle power plants.

6. PTT has developed a master plan for gas utilization, defining theissues and options in the gas sector, and highlighting the priorityprojects. The proposed project was identified to have the highestpriority.

7. Progect Objectives. The objective of the project is to increasethe gas supply capabilities of Thailand by: (a) expanding the gastransmission system; (b) strengthening the institutional functioning ofPTT; and (c) making more efficient use of capital resources in the gas

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sector through annual review c_ PTT's investment program. These objectivesare consistent with the Government's strategy for gas sector development.

8. Project DescriDtion. The proposed project consists of thefollowing components: (a) a 32-inch, 175-km long submarine pipeline fromthe Bongkot gas field to the existing Erawan production complex; (b) a 24-inch, 160-km long submarine pipeline from Erawan to a terminal at Khanom;(c) a new Supervisory Control and Data Acquisition (SCADA) and telecomsystem and renovation of the existing system; (d) a riser platform; (e)equipment including additional compression capacity; (f) projectengineering and management consultancy; (g) upgrading of PTT's ManagementInformation System (MIS) and training of staff; and (h) a study forpreparation of safety and environmental standards, and a study for a secondpipeline. The total cost of the project is estimated at US$348.0 million(excluding interest during construction estimated at US$22 million). Theproposed Bank loan of US$105 million would finance 28X of the total projectfinancing required, and 331 of its foreign expenditures. A breakdown ofwosts and the financing plan are given in Schedule A. Amounts and methodsof procurement and disbursements and the disbursement schedule are given inSchedule B. A timetable of key project processing events and the statusof Bank Group operations in Thailand are given in Schedules C and D,respectively. Maps showing the project location are also attached. TheStaff Appraisal Report, No. 10465-TH dated June 11, 1992, is beingcirculated separately.

9. Project Imlementatin. PTT will be responsible for implementingthe project. PTT has in the past implemented several similar projects,including the construction of the existing 34-inch offshore pipelinefinanced by the Bank. PTT has entered into a contract with a consultingcompany for engineering consultancy and project management. The Bank loanproceeds would be disbursed against the cost of: (a) pipeline materialsprocured under International Competitive Bidding (ICB) procedures; (b) theconsultancy and project management contract; and (c) technical assistancecomponents.

10. The gas field will be developed and operated by a joint-ventureconsisting of PTT Exploration and Production Co. Ltd. (401), French TOTAL(301), British Gas (201), and Norwegian Statoil (101). TOTAL will be theoperator. A Gas Sales Agreement has been signed between the gas producersand PTT. It provides, inter alia, for the delivery of 250 mmcfd of gasduring the life of the reserve, availability of at least 1.5 trillion cubicfeet (tcf) of reserves, and a pricing formula which includes an appropriatemechanism for indexation, floor, and ceiling. PTT has also signed a gassales/purchase agreement with the Electricity Generating Authority inThailand (EGAT), which uses over 80% of the gas transported by PTT.

11. Project Sustainability. The necessary conditions exist to ensurethe financial and institutional sustainability of the project; theframework including the project design is in place. The provisions forcost recovery including requirements for spare parts and other recurrentexpenditures are adequate to ensure the project's operationalsustainability. PTT is a well-run state enterprise which has managedsimilar operations for the past 15 years.

12. L6ssons Learned from Previous Bank Involvement. The threeprojects previously financed by the Bank in Thailand's oil and gas sectorwere completed on schedule and within the budget, and they realized theirmain objectives. The Bank provided substantial institutional and technicalsupport to PTT, especially during the early stages of PTTs operations.Two important lessons from the Bank's previous involvement are: (a) thegas sale/purchase agreements need to include a carefully designed pricingformula to protect the gas transmission company from fluctuation ofinternational oil prices; and (b) the uniq7ve geology of the areas for oiland gas divelopment can lead to substantial cost overruns. In theproposed project, PTT will recover its full cost of gas purchasing and gastransmission, and the project design has taken into account risks relatedto the area's complex geology.

13. Rationale for Bank Involvement. The Bank has been involved inThailand's oil and gas industry since its inception. During that ten-yearperiod, Bank involvement has focused heavily on institutional developmentin general and capacity building within PTT in particular. Some of themore important programs in this regard are currently in mid-stream, andcontinued support from the Bank is critical in ensuring that they will beconcluded successfully: (a) the Bank has worked extensively with PTT todevelop a more rational investment program, and continued Bank involvemertwill encourage further refinement and correct implementation; (b) PTT hasgrown very rapidly over recent years and as of January 1992 was reorganizedon a profit-center basis. Continued Bank involvement will help PTT todevelop internal systems and procedures and managerial approaches that areappropriate to PTT's stage of corporate development; and (c) Bank supportto date in the proposed project has resulted in PTT's adopting a common-carrier approach to pipeline development, which will encourage smallindependent producers to exploit marginal fields close to the pipelite.The approach would also promote regional trade in gas since theconstruction of the pipeline facilitates the future importation of gas intoThailand from the neighboring countries of Vietnam and Malaysia.Furthermore, the Bank's involvement in the project has helped to resolvethe gas pricing issue between PTT and EGAT which has been in dispute forten years.

14. Agreed Actions. The main areas in which agreement was reachedare: (a) preparation of an inspection test report c- the operatingcondition of the existing 34-inch pipeline; (b) implementation of theenvironmental action plan and associated monitoring activities outlined inthe Environmental Assessment (EA) report; (c) preparation of a safety auditreport on PTT's entire operation; (d) changes in the Office of the InternalAuditor with respect to its staff strength and reporting arrangements; (e)use of an independent extenial private auditor; (f) financial covenants,including the requirements that PTT achieve a 25X self financing ratio,maintain a debt/equity ratio not exceeding 60/40, and have a debt servicecoverage ratio of at least 1.3 times, except that the self financing ratiomay drop to 15X in 1993; and (g) annual Bank review of PTT's investmentprogram. Retroactive financing equivalent to US$22 million is recommendedfor expenses incurred after September 1, 1991, for partial payment for linepipe materials and consultancy contracts, for amounts which have alreadybeen paid by PTT through advanced contracting approved by the Bank.Although this amount exceeds the Bank guideline for retroactive financing,

- 4 -

it is needed to finance pipe material critical to adhering to the tightimplementation schedule.

15. nvi&ronmental Aspects. The project is not expected to have anysubstantial adverse impact on the environment. Indeed, the impact will berelatively positive, because the use of natural gas is significantly lessharmful to the environment than the alternative fuels which are either fueloil or coal. There are, however, several potentially adverse environmentalimpacts such as disruption of marine life, the discharge of liquids fromthe production platform, the disposal of mercury, and noise and vibrationfrom equipment. These are addressed tbrough the mitigation plan agreedwith PTT.

16. Project Benefits. The project would have significant economicand environmental benefits. Its implementation would help ensureThailand's continued economic growth. The gas transported under theproposed project will be used for power generation in combined-cycle plantswhich form part of EGAT's least cost power development plan. The economicbenefits of the project are derived from the opportunity value of gas -- ascompared to the use of alternative fuels -- which is higher than theincremental costs of gas supply.

17. Risks. Risks for the project revolve around two areas: (a) theavailability of sufficient gas reserves; and (b) the costs of producingsuch reservas. The gas reserves have been assessed and certified by aqualified consulting firm which is pre-eminent in the field of reservesestimation, to be at least 1.5 tcf, the volume on which the proposedproject is based. The risk of lnsufficient gas reserves is consequentlylow. The risks associated with a potential increase in production costsstem from the complex nature of the reservoirs, in that the volume of gasis distributed in numerous small reservoirs, requirlng a larger number ofplatforms and wells than otherwise would be ezpected. This risk has beenmitigated by taking into account appropriate contingencies in setting costparameters, and by having benefitted from the experience of another gasproducer which has operated nearby since 1981.

18. Reco_mendatio. I am satisfied that the proposed loan wouldcomply with the Articles of Agreement of the Bank and recommend that theExecutive Directors approve it.

Lewis T. PrestonPresident

Attachments

Washington. D.C.June 11, 1992

-5-

ScheduleATHAILAND

BONiGKOT GAS TRANSMISSION PROJECT

Estimated Project Costs and Financing Plan(US$ million)

Estimated Cogt:L2cal Foreign Total

Pipe material (Line pipe) - 77.2 77.2Pipe lne coating & construction 15.0 121.2 136.2TOTAL equipment - 20.0 20.0SCADA/telecom/civil work 6.7 6.6 13.3Riser platform - 38.0 38.0Engineering consult._ncy 3.5 11.5 15.0Studies and training 0.3 2.9 3.2Taxes and duties 13.0 - 13.0

Base Cost 38.5 277.4 315.9

Physical contingency 3.1 22.2 25.3Price contingency 0.8 6.0 6.8

Total project cost 42.4 05.6 34A8.0

lnterest during constructionand other costs It 2.6 19.4 22.0

Total Financing Required 45.0 325.0 370.0

Financing Plan:

Japan Exim Bank 7.0 45.0 52.0Asian Development Bank 8.0 50.0 58.0U.S. Exim Bank 0.7 6.6 7.3Commercial Borrowing 10.0 46.0 56.0PTT Internal Cash 15.1 76.6 91.7IBRD -.Al 100.8 105.0

TOTAL J2.0 325.0 370.0

a Based on 82 intest

-6-

Schedulg BPage 1 of 2

THAIL^AND

BONGKOT GAS T=SMISSION PROJECT

Procurement Methods and Disbursements(US$ Million)

Pnourmm MethodsProject Element la .Othe INF JOTAL

CMI Works/Suldlng 3.8PipelelnM Mterals (one pipe) 85.0 85.0

(85.0) 50)Pipe Coating & Jacletng 28* 28*Pipelne Conuon 121.2 \! 121.2TOTAL Equipment 22.0 22.0SCADA/Teieoomm 11A \ 11.4R ser pafoam 41*9 41.9EineerIng Consutncy 1.5 16.5

(16.5) (16.5)MIS and Trdning 1.1 1.1

(.1.1) (1.1)Environmental Stud 0.2 02

p.2) (0.2)Second Pipeline Shdy 2.2 22

(2.2) (2.)Taxes and Duties 14.3 14.3

Total 85.o 20.0 243.0 480(8.0) (20.0) (105.0)

\a ADS and JEMXM pomen procedures.\b U.S. Exim Bank procurement prooedures.

Note: Figures in parentheis are fte respective amounts financed by the Sank.NSF- Not Sank.Flnanoed

-7-

Schedule BPage 2 of 2

Disbursements(USS million)

Amount of tL.eLoan Allocation(Expressed in US X of Expenditures

Gategory Dollars Equivalent to be Financed

Pipeline Materials 77,200,000 100% of foreignexpenditures, 100% of localexpenditures (ex-factorycost) and 751 for localexpenditures for otheritems procured locally.

Consultancy Services 15,000,000 100l of expenditures

Training, Studies, MIS 3,200,000 100% of expenditures

Unallocated 9.600.000

Total 105,000,000

Estimated Disbursements

XBRD Fiscal Year 93 94 95

Annual 75 21 9Cumulative 75 96 105

39boduls C

IgMloo A TRAN SSMISBON PROJECT

Timetable of Key proiect Processin Events

(a) Time taken to prepare the project: 12 months

(b) Prepared by: Petroleum Authority of Thailand

(c) First Bank mission: April 1991

(d) Appraisal mission departure: December 199'

(a) Negotiations: April 1992

(f) Planned date of effectiveness: July 1992

(g) List of relevant PCRs and PPARs: Natural Gas Development Project(PCR No. 5792)

Liquified Petroleum Gas Project(PPAR No. 7201)

Sirikit Petroleum Project(PCR No. 9393)

This report is based on the findings of an appraisal mission to Thailand inDecember 1991, comprising Kessrs./Mme. M. Farhandi (Task Manager), M. Hanson-Costan (Financial Analyst), H. Schober (Project Engineer), T. Fitzgerald(Petroleum Specialist) and Y. Ziv (Envirormental Specialist). Mr. H. Razavi(ESMOD) reviewed the economics of the project. The Peer Reviewers were:Nessrs./Mme. A. Mashayekhi (FODG4), A. Malhotra (ASTEG) and D. Mehta (EAlIE).The project was cleared by Messrs. C. Madavo, Director EAl and V. Nayyar, ChiefEA1IE.

-9-

Schedule 0Pag 2 1 of2

TME STAlUS OF SAW( tmU OPERATONS

A. S_0galt. of ita Lns agd ID Crita (As of Her as, LVW)

i-on or Amownt (1SS el 1 1on)Credit Filscal t1 ecai _ _Number Veer borrewer Purpose Mr a i _

Eig1hty-three tane aVW042 154six credits fully disbursW e". 116.42

O which SECALS, SALS ed Prorm Lon

2097 192 Kingd omf TI lo SAL I 150.00 .00225 106 Kingdm of Thailand SAL U 175. .00

Subtetl 3.

1022 101 Kingdom of Tilasn Nat'l. Agriculture Reseac 29.05 2.S62440 lo4 Kingdom of Thailand Land Titling 35.00 3.1625 165 Kindm otf Tiland Rlonai Citise D.velopmaot 20.33 4.7S2546 1085 Sanachal, Petroleum Co. R1` r (ahak) 165.0 30.20276 1987 National HIei Auth. Third Shelter 9.00 3.S22672 1066 State RlI"y f ThI. Railway Eff lcaency 13.00 3.872694 1066 Kinagdm of Thaland Hihays Sectr C.O 11.812015 1o6 Elea. Ga. Auth. of Thi. Power Trnemiesion 110.00 7.613006 1060 Kingdom of Thai lan Highwys Soecr SI 67.00 3.693027 1069 Eloe. Gm.. Auth. of Thi. P System Develo nt 90.00 .473190 Else. Gen. LAth. of Thi. o System DeOlopm_t U 94.00 6.183220 1900 Kingdom of Thai lan Hihways Sectr I 50.00 37.263254 1001 Kingd of Thailand Lad Tititg 30.00 22.66820 1901 Kingdom of Thaland Ta C uteation 32.00 32.003404 1002 Provincial Else. Authority DItributon Sys Upgrding 40.00 40.003428 1002 Ele. Gm. Aut. of Thi. Third Por ystm .0 48.23446 1068 Kingdo of T- land Hiy IV .60 177.50

ToalI 4,0M1." 115.42 446.76of which ha bee rspad 1.38.1" 8.19

Total me hold by Sank and IDA R.. Amout sold , 195.91

of which repaid 15.91

Total undSrma 446.76 446.76

Jo The statu of the project liste in art A to desribed Is a separate report on allBeak/I financed p tloje In execution, which is updated twice yearly Nacirclatedto the cve iretors on Aprl O3 and October 1.

O0 which 341.11 aIIt sold to the iBa of Tt Iland.

Schodule D- 10 - Pose 2 of 2

S. Statement of TFC InvestmentsTA-of, Marth a1, 1992)

UndiaburedTotal hold including

Fiscal Type of Oriainal Comitments by IFC participantsYear Obilgor Busines Loan Fquty eta (at cost) portion

~~~US ---- l- -----------S l--o--___

19S9 Concrete Product. and Cement a Const. 0.3 - 0.3 -Aggregate Co. Ltd. Materials

1984/71 Ind. Fin. Corp. of Thi Development Finance - 0.4 0.4 -1969/76/70/ Siam Cement Group Cemnt A Coast. Mat. 28.3 4.4 32.7 1.480/85

1977 The Mutual Fund Co. Ltd. Money £ Cap. Markets - 0.8 0.6 0.51977 United Sugar Terminal Food & Food Proces. 2.5 0.2 2.7 -1978 Small * Medium Scale Money A Cap. Markets 2.0 - 2.0 -

Industrial Enterprises1979/80/63 Bangkok Class Industry laess Containern 9.9 0.4 10.3 - -1984/86/88/ National Petrochemical Chemicals A Petrech 38.0 0.5 S 5.5 C5.5691979/81/8S/ Siam City cement Cement A Const. 268.1 6.1 274.2 31t.007 Matertals1984 Theiltad Ta. lum Mining 58.5 3.4 56.91979 Thai Orient Leasing Co. Money S Cap. arket - 0.1 0.1 -186 Mashbuml Limited Mining - 0.1 0.1 -1985 SEAVI Project Money q Cap. Markts - 1.0 1.0 -1984 World Aquaculture Food & Food Proces 8.1 0.8 3.? -983 S.& Minerals Ltd. Offshore Tin EXplOr. - 0.6 0.8 0.5

1936 Phys Thai II Hospttal Health Cars 4.2 0.8 5.0 -1987/88 The Thailand Fund Money A Cap. Markets - 26.8 28.8 -1987 MACO Tomato Post. 1.6 0.5 2.1 2.0'988 HUC Polymer Petrochemical 28.0 1.5 27.6 14.4 -1088 Phaaseivivat Palm Otl 8.8 1.1 4.7 4.7 8.61989 Peroxythat Chemiclrs a Petroch 10.7 - 10.7 10.7 -1909 That Primc Fund, Ltd. Money a Cap. Markets - 15.0 15.0 - -100 $C8 Equity Line Money A Cap. markets - 15.0 15.0 15.0 15.01990 TR Equity Line Money A Cap. Markets - 5.0 5.0 5.0 4.01900 SEAVI-VIC Money S Cap. 2arksts - 1.6 1.5 1.5 0.81980 Sias Asahi Color TV lass Bulbs - 6.1 8.1 6.1 5.31900/91 Shinho Paper Paper Product 86.0 5.9 61.9 28.1 57.31991/02 Bank of Asti Money h Cap. Markets 20.0 6.0 26.0 25.8 20.01091 Vi WThatlnd mony A Cop. mrkets - - - - -1091 Ayudh. Leatng Mo-my A Cap. Markets - 0.2 0.2 0.21902 Krung That Money A Cap. Markets - 0.4 0.4 0.4 0.4

Total 524.8 106.4 681.0 165.2 106.8

Approved but not yet sigmn

180 Vinythal Petrochemicals 150.0- - 150.0 50.0 150.01991 Ayudha Lemaing oen"y a cap. Markets - 0.2 0.2 0.2 0.2

Total Creos Coitme _ 74.0 106.2 781.2 393.4 2SS.S

IBRD 23485- '-ACNA ,-..i

- ~~~~~~~~~~~THAILANDMYANMARBONGKOT GAS TRANSMISSION PROJECT

, ' .-,85--s >.. ,, PROPOSED PIPEUNE ROUTES AND OFFSHORE PLATFORMS

_j-W THAILAND ~' t> BANGKOK FURE PROPOSED EIOSlING

(,* . & ........ _#.1 °+^A A IEPMINALS'w ci,'; J-t .b' ; . . * PLATFORMS

___DISPUTED AREA6 Rayong -. - IT BOUNDAES

tA ) Saltahip -Zt 9 -- -- - ES

r 't5 a ~~~Gulf of Thailand ;> .,M<YANMAR /.oP<dwsp1

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MALA.YSIA 102 104-

MARCH 199

IBRD 23519

'CHINA II., CHINA,., .- 1 100 102° 104MYANMR7LA&. ~~~~~~~ThALAND

PEOPLER-S) -' BONGKOT GAS TRANSMISSION PROJECT.. v -'~ *; *s -14. ... . ....... GULF OF THAILAND - GAS FIELDS 1-

-- , THAUKND ,VIE BANDI(CIK ' r A BASNOWUNES

;. * IA ODU! t GAS FIELDS

AREA,* OF ~~~~~~~~~~~~~~~~~~~~~[i]DISPIJTED AREok

. . -._INIERNATIONALBOUNDARIES

Royong 0 40 80 120 160 200A ~~~~Rayong L AYS K ^) i° OI I I .

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