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Gulf Development provided an update on the LNG terminal, the third LNG terminal in Thailand, in a stock exchange filing on Tuesday.
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.
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 includes infrastructure works such as dredging and land reclamation, revetment construction, breakwater construction, service terminal, utility works, and other relevant works.
Moreover, 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.
Gulf Development said in the filing that GMTP received an official confirmation of the completion of the land reclamation works under Phase 1 from IEAT.
The company is currently preparing for the construction of Phase 2 (superstructure), which includes the LNG terminal and regasification facilities.
According to Gulf, construction is expected to start in mid-2025.
Thailand currently imports LNG via two import terminals operated by PTT.
These terminals include the first Map Ta Put LNG terminal (LMPT 1) with a capacity of 11.5 mtpa and the second Map Ta Phut LMPT2 LNG terminal, also known as the Nong Fab LNG terminal, with a capacity of 7.5 mtpa.
Gulf’s LNG business
Upon completion, the new LNG terminal will be used to support the group’s gas business operations, Gulf said.
The group currently holds licenses for the importation of LNG totaling 7.8 mtpa, 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,” Gulf said.
Earlier this year, Gulf and Ratch launched the second gas-fueled unit at their Hin Kong power plant.
Hin Kong Power, a joint venture owned 51 percent by Ratch and 49 percent by Gulf, started the sale of electricity generated from its unit 2 to the Electricity Generating Authority of Thailand (EGAT) on January 1, 2025.
This second unit has a contracted capacity of 700 MW and an installed capacity of 770 MW.
This follows the commercial operation start of its first unit with an installed capacity of 770 megawatts on March 31, 2024.
Hin Kong Power received its first LNG shipment at PTT’s Map Ta Phut Terminal 2 on February 28, 2024, and this shipment was used to commission the first unit.
With this shipment, Hin Kong Power became the first private company in Thailand to import an LNG cargo, according to the partners.
Earlier this year, Gulf also said that its unit, Gulf LNG, received its inaugural LNG cargo at the Map Ta Phut LNG Terminal 2.
Gulf purchased this LNG cargo from Adnoc Trading, a unit of UAE’s Adnoc.
