Gulf Development Public Company Limited (SET: GULF) has informed the Stock Exchange of Thailand that on June 24, 2025, the Extraordinary General Meeting of Shareholders of Gulf MTP LNG Terminal Company Limited (GMTP) passed a resolution approving the project to proceed with the development of the LNG terminal and regasification facilities of the Map Ta Phut industrial port development phase 3 project (Map Ta Phut Project), with a total investment not exceeding THB 60,000 million.
The construction of the project is scheduled to begin in the fourth quarter of 2025, with commercial operations expected to commence in the first quarter of 2029. This terminal will become Thailand’s third LNG facility and will play a critical role in reinforcing national energy security, supporting the country’s growing gas demand across the industrial and power generation sectors.
The company’s investment in Map Ta Phut Project also further strengthens the Group’s fully integrated energy value chain across its power generation and LNG terminal businesses. The project’s primary target customers are domestic LNG shipper license holders, including affiliated companies such as Hin Kong Power Holding Company Limited (HKH) and Gulf LNG Company Limited (GLNG), both of which are expected to see continued growth in LNG import volumes in the future to serve as fuel for the Group’s gas-fired power plants.
The LNG terminal business will be operated as a regulated business in accordance with government policy, ensuring that developers can execute operations and receive appropriate return aligned with the country’s development plans.
Project revenue will comprise two main components:
1) Demand charge, which covers capital investment, operating expenses, and an appropriate return on investment.
2) Commodity charge, which is based on variable costs that change in proportion to the volume of LNG regasified.
Nevertheless, all associated costs will be fully passed through to the customers utilizing the terminal’s services. The company will provide further updates should there be any progress on the project development.
GULF made a reference to the strategic development plan for the Eastern Economic Corridor (EEC) prepared by the Eastern Economic Corridor Office of Thailand, which aims to develop the Eastern Seaboard into an area with highly efficient infrastructure and utilities to enhance Thailand’s competitiveness.
One of the key flagship projects under this plan is the Map Ta Phut Project, which is designed to significantly enhance the country’s natural gas handling capacity and play a pivotal role in strengthening national energy security.
To undertake the development of the Map Ta Phut Project, GMTP was established as a joint venture company between GULF and PTT Tank Terminal Company Limited, with shareholding of 70% and 30%, respectively. GMTP subsequently entered into a 35-year Public Private Partnership (PPP) contract with the Industrial Estate Authority of Thailand (IEAT) to develop and operate the project.
The Map Ta Phut Project comprises land reclamation work of approximately 1,000 rai, along with the development of an LNG terminal and regasification facilities on approximately 200 rai of the reclaimed land. GMTP commenced land reclamation work in December 2021 and successfully completed this phase in March 2025.
