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According to a statement by Posco E&C, the Gulf MTP (Map Ta Phut) LNG terminal construction contract is worth 1.5 trillion won ($1.11 billion).
Posco E&C said the contract includes the construction of two 250,000-cbm LNG storage tanks, unloading facilities and regasification equipment capable of handling eight million tons of LNG annually.
The LNG import terminal will be located in the Map Ta Phut industrial estate, about 130 kilometers from Bangkok.
2029
Last week, Thailand’s Gulf and PTT Tank Terminal, a unit of PTT, said they expect to launch commercial operations at their LNG terminal in Map Ta Phut, Thailand’s third such facility, in the first quarter of 2029.
Gulf MTP LNG Terminal (GMTP), is a joint venture company in which Gulf Development holds a 70 percent stake and PTT Tank Terminal holds a 30 percent stake.
Gulf Development said that GMT’s shareholders passed a resolution approving the project to proceed with the development of the LNG terminal and regasification facilities, with a total investment not exceeding 60 billion baht ($1.83 billion).
According to Gulf, the construction of the project is scheduled to begin in the fourth quarter of 2025.
The JV previously entered into a 35-year public private partnership (PPP) contract with the Industrial Estate Authority of Thailand (IEAT) to develop the project known as the Map Ta Phut industrial port development phase 3 project.
The project will be built in two phases.
The first phase included infrastructure works such as dredging and land reclamation, revetment construction, breakwater construction, service terminal, utility works, and other relevant works.
GMTP started land reclamation work in December 2021 and completed this phase in March 2025.
The second phase involves design, construction, and operation of the LNG terminal and regasification facilities (superstructure) on 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 mtpa.
