May 02, 2025 [Kaohoon International]- Gulf MTP LNG Terminal Company Limited (GMTP), a joint venture company in which Gulf Development Public Company Limited (SET: GULF) holds a 70% stake and PTT Tank Terminal Company Limited holds a 30% stake, entered into a 35-year Public Private Partnership (PPP) contract with the Industrial Estate state Authority of Thailand (IEAT) to develop the Eastern Economic Corridor (EEC) Development Plan. This plan is prepared by the Eastern Economic Corridor (EEC) Development Plan.
This plan is prepared by the Eastern Economic Corridor Office of Thailand, aiming to develop the Eastern Seaboard into an area with highly efficient infrastructure and utilities to enhance Thailand’s competitiveness, one of the key projects under the plan is the Map Ta Phut industrial port development phase 3, located in Map Ta Phut sub-district, Rayong province, covering an area of approximately 1,000 rai.
The scope of the project is divided into two phases as follows:
Phase 1: Infrastructure works including dredging and land reclamation of 1,000 rai, revetment construction, breakwater construction, service terminal, utility works and other relevant works.
Phase 2: Design, construction, and operation of the LNG terminal and regasification facilities (superstructure) on approximately 200 rai of reclaimed land, with an initial capacity of at least 5 million tons per annum (for the first phase of the LNG terminal), expandable up to 10.8 million per annum.
GULF informed the Stock Exchange of Thailand that on April 4, 2025, GMTP received an official confirmation of the completion of the land reclamation works under Phase 1 (infrastructure) from IEAT. The Company is currently preparing for the construction of Phase 2 (superstructure), which includes the LNG terminal and regasification facilities. Construction is expected to start in mid-2025.
Upon completion, the LNG terminal will be used to support the Group’s gas business operations. The Group currently holds LNG shipper licenses for the importation of liquefied natural gas totaling 7.8 million tons per annum, to be used as fuel for Gulf PD, Gulf SRC, and Hin Kong power plants. The terminal will be the third LNG terminal in Thailand and will play a critical role in strengthening the country’s energy security by enhancing LNG import capacity to meet the growing energy demand from the industrial and power generation sectors in line with Thailand’s economic growth.
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