Gulf Energy Development Public Company Limited (SET: GULF) announced on December 9, 2022, that the company acquired 28.57% of newly issued common shares in Thai Tank Terminal Company Limited (TTT), with a total investment amount of THB 2,059.2 million. The TTT’s new shareholding structure is composed of PTT Global Chemical Public Company Limited (GC) holding 36.43% (from 51.00%), Vopak Holding International B.V. (Vopak) holding 35.00% (from 49.00%), and the Company holding 28.57%.
TTT has a Public Private Partnership (PPP) contract with the Industrial Estate Authority of Thailand for the Public Terminal management project for the Handling of Liquid products in Map Ta Phut Industrial Estate in Rayong province for a period of 30 years.
The investment in TTT is aligned with the company’s plans to develop infrastructure projects to support economic growth and promote Thailand’s competitiveness, and this collaboration leverages the strengths of each partner, which will enhance the value of TTT’s business.
The company has experience in developing large-scale infrastructure projects in Thailand while GC is a leader in the integrated petrochemical and refining business, and Vopak is the world’s leading independent tank storage company headquartered in the Netherlands.
Furthermore, the company will be able to recognize profits immediately since TTT has already begun commercial operation.