Revised contract now ready

Proposed contract revisions for the high-speed rail project connecting three airports are expected to be submitted to the cabinet within two weeks, Finance Minister Pichai Chunhavajira said.
Mr Pichai, also the chairman of the Eastern Economic Corridor (EEC) Policy Committee, said yesterday that the committee had approved proposed revisions to the contract’s five key points.
The committee is now waiting for opinions from the agencies involved — a process which takes about two weeks — before the matter goes before the cabinet.
The high-speed rail system, a flagship project of the EEC, would link Don Mueang, Suvarnabhumi and U-Tapao airports.
The original contract was signed in 2019 by the State Railway of Thailand (SRT) and Asia Era One, a Charoen Pokphand (CP) Group subsidiary. A concession agreement to operate the Airport Rail Link was part of the joint investment plan.
Last Friday, the EEC Policy Committee approved proposed revisions to five key points in the contract.
They include the payment method for public investment costs. Under the original contract, when the private sector operates the high-speed train, the government would pay a total of 149.65 billion baht in instalments.
Under the proposed revision, the government would pay a maximum amount of 120 billion baht in instalments based on the progress of work verified by the SRT.
The private sector must also provide additional guarantees beyond the original contract, totalling 160 billion baht, to ensure that the high-speed train is constructed and operational within five years. Ownership of the constructed assets will also be gradually transferred to the SRT according to the instalment payment schedule.