Gulf Energy Development said on Thursday it has secured licences from the government of Thailand to import LNG as it looks to reduce power prices in the country.
The Energy Regulatory Commission approved Gulf’s request for an LNG shipper license in the amount of 300,000 tonnes a year.
Gulf said it would use its license to supply LNG to 19 of its small power projects. These projects will produce electricity and steam for industrial customers.
The company said in a separate statement that Hin Kong Power also won a license to import 1.4 mtpa of LNG.
Gulf owns a 49 percent stake in Hin Kong, while Ratch Group holds 51 percent.
Hin Kong plans to supply LNG for a power plant with capacity of 1,400 megawatts, located in Hin Kong subdistrict.
Gulf said the licenses will lower LNG costs and energy prices for Thailand and industrial users.
It is only the second firm to secure an LNG license after the state-owned Electricity Generating Authority of Thailand.
These moves are part of Thailand’s efforts to open up its natural gas market and become an LNG hub.