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The fee is based on a 7.5-per-cent interest rate charged from October 1, 2001 to the end of 2007.

The first payment is expected to be made when the Treasury Department and PTT sign the contract.

The terms of the lease will be 30 years and extendable for another 30 years per renewal, where the minimum rental fee is set at Bt180 million and the maximum charge at Bt550 million.

The rental fee, as agreed last week by the Treasury Department, Finance Ministry, Energy Ministry and the company, is based on a revenue-sharing concept.

The progressive rate ranges from 5 per cent to 36 per cent of gas transmission revenue.

The revenue for calculation is the actual revenue per annum of the pipeline network multiplied by the proportion of the length of the pipeline network.

Details and conditions are in accordance with an agreement to be entered into between the firm and the Treasury.

Assets to be transferred to the ministry include the petroleum-transmission pipelines located on expropriated land and on private land, including the Bang Pakong-Wang Noi project, the Thai-Burma-Ratchaburi project and Ratchaburi-Wang Noi project.

Certain restrictions and obligations of the company must be taken into account for loan and interest, costs relating to the operation and maintenance of the gas pipeline.

The Nation