Thai Gov’t to sell 755,000 tonnes of stockpiled rice
The Thai Government has agreed to sell 755,000 tonnes of stockpiled rice for 7.2 billion THB (207 million USD) to 11 firms that won the sixth auction in early September.
Illustrative image (Source: Internet)The decision was approved by Prime Minister Prayut Chan-o-cha as the Chairman of the National Rice Policy and Management Committee.
Of the total, 702,615 tonnes will serve consumption purpose, while the rest of 52,397 tonnes will be used for industry.
Following the sixth rice auction, the Thai Government plans to organise another auction before the harvest in November.
After winning a contract to supply 100,000 tonnes of 25 percent white rice to the Philippines at a price of 424.85 USD per tonne, Thailand will see more opportunities to sell its rice to the Philippines and Indonesia.
The rice sold to the Philippines is scheduled to be delivered in September and October 2016. Vietnam also won a bid to supply 150,000 tonnes of rice to the country in this period.
As of September 2016, Thailand’s stockpile was less than 9 million tonnes, much lower than 18.7 million tonnes during the 2011-2014 period. The Thai Government remains confident about disposing of all stockpiled rice in 2017.-VNA
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