Thai firm Gulf Energy signs $ 927 million port deal with government


BANGKOK: Thai power producer Gulf Energy Development Pcl announced Thursday that its consortium has signed an agreement worth 30.9 billion baht ($ 927 million) with the country’s port authority for the construction and the operation of container terminals.

The company, one of the country’s largest private power producers, is owned by Thai billionaire Sarath Ratanavadi and has invested billions of dollars to expand its infrastructure business.

“Gulf will use the experience accumulated in the development and management of large-scale infrastructure projects in Thailand and abroad to develop the port,” said Ratthaphol Cheunsomchi, senior executive of Gulf Energy.

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Gulf Energy owns a 40 percent stake in the consortium, called GPC, while state-owned energy company PTT Pcl and China Harbor Engineering Company Ltd. each hold 30 percent.

The group will build and operate the two terminals at Laem Chabang port for 35 years, as part of the government’s ambitious plan to attract foreign investment in his is coast.

The first terminal is expected to begin operations in 2025 and construction of the second is expected to begin in 2027. Together, they will be able to handle 4 million twenty-foot equivalent units (TEUs) each year, Ratthaphol said.

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Gulf’s traditional business is electricity and its installed capacity is around 9.3 gigawatts, but in recent years it has diversified.

In 2019, the Gulf and state energy giant PTT began the construction of a 1.3 billion gas terminal dollars on the east coast of the country.

Earlier this year, Gulf Energy also offered $ 5.4 billion to buy telecommunications group Intouch Holdings and ultimately increased its stake by 42.3% in a digital infrastructure campaign.

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InTouch is the largest shareholder in the country’s largest telecommunications company, Advanced Info Service Pcl, and satellite operator, Thaicom Pcl. (US $ 1 = 33.3,300 baht)

(Reporting by Chayut Setboonsarng; editing by John Geddie)


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