October 1, 2019 / 1:15 PM / 20 days ago

Thailand's Gulf Energy and PTT to build $1.33 billion LNG project with the government

BANGKOK (Reuters) - Thailand’s Gulf Energy Development Pcl and state-owned PTT Pcl will build a 40.9 billion baht ($1.3 billion) gas terminal and port on the country’s east coast, the Industrial Estate Authority of Thailand (IEAT) said on Tuesday.

The government says its investment partnership with the Gulf MPT LNG Terminal Company Limited - a joint venture between a subsidiary of Gulf Energy with a 70% stake and a unit of PTT with a 30% stake - will bring more investment to the industrial east and boost economic growth.

Commercial operation of the project is scheduled to start by 2025.

The project will include the design and construction of the port and a liquefied natural gas terminal that will have an annual capacity of at least 5 million metric tons per year in the first phase and up to 10.8 million tons per year at a later stage, Gulf Energy said on Tuesday.

The project is “one of five mega infrastructure projects of the Eastern Economic Corridor,” and will help create a “seamless transportation network” between Thailand and neighboring countries, Deputy Prime Minister Somkid Jatusripitak said.

Other mega infrastructure projects include a high-speed train linking two of Bangkok’s international airports with U-Tapao airport in eastern Thailand; the expansion of U-Tapao airport; and the expansion of the Lam Chabang deep sea port.

Thailand’s industrial east is already home to foreign auto manufacturers such as Toyota, Honda and Ford and also houses petrochemical and electronic companies.

Reporting by Panarat Thepgumpanat and Panu Wongcha-um; Editing by Mark Potter

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