A consortium led by Bangkok-based Gulf Energy Development Public Company Limited has signed a public-private partnership (PPP) contract with the Port Authority of Thailand to develop and operate two terminals. Gulf Energy holds a 40% stake in the GPC International Terminal Company Limited (GPC) consortium, along with China Harbour Engineering Company subsidiary CHEC Overseas Infrastructure Holding (30%) and PTT Tank Terminal Company Limited (30%).
The consortium will build two terminals at Laem Chabang port, and operate them for 35 years, under the Laem Chabang Port Phase 3 Terminal F project. PTT Tank Terminal is a subsidiary of Thai state-owned energy firm PTT. The port is located near Pattaya City in Chonburi province on Thailand’s Eastern Gulf Coast. Total investment cost is around 30.87 million baht (US$927 million).
The Port Authority of Thailand will be responsible for the land reclamation while GPC will be responsible for the design, construction, operation, and maintenance of Terminals F1 and F2 to facilitate the handling of containers through automation technologies, with capacity of at least four million TEU (20-foot equivalent units) per year.
GPC will receive revenues from terminal operations such as berth hire charges, container handling charges, wharfage charges, and other fees as stipulated in the PPP contract for a period of 35 years.
Terminal F1 is expected to begin construction in 2023 and commercial operation in 2025. Terminal F2 is scheduled to start construction in 2027 and commercial operation in 2029.
Gulf Energy is one of Thailand’s largest private power producers, and has been investing heavily to diversify its infrastructure holdings, including motorways, LNG terminals and gas pipelines. The company notified the Stock Exchange of Thailand of the deal on November 25.