Thailand's Gulf Development Public Company Limited (GULF) is taking its liquefied natural gas (LNG) business outside Thailand through an agreement with PetroChina International (Singapore) (PCSG), a subsidiary of PetroChina International (PCI), to supply four LNG cargoes, totaling approximately 0.3 million tonnes to China in 2027.
The signing of an LNG sale and purchase agreement (SPA) with PetroChina is perceived to be signaling a pivotal shift for GULF, expanding its operational footprint from fueling domestic power plants to actively managing an international LNG portfolio in partnership with one of the world's major energy networks.
The agreement allows Gulf LNG International (GLNGI), GULF’s Singapore-incorporated LNG trading subsidiary, to supply PCSG with four LNG cargoes, totaling approximately 0.3 million tonnes for delivery to China in 2027.
"This collaboration builds on our business relationship with one of China’s leading energy companies and reflects our strategy of combining the strengths of both companies to create greater value and expand our LNG trading presence in international markets. GULF will leverage its strong LNG infrastructure capabilities in Thailand and flexibility in LNG portfolio management, together with PetroChina’s trading network and market access, to enhance the efficiency of our international trading activities."
This collaboration combines the company’s LNG infrastructure capabilities in Thailand and flexibility in LNG portfolio management with PetroChina’s trading network and market access to improve the efficiency of the Thai firm’s international LNG trading activities.
"At the same time, LNG supply to support the operations of our power plants in Thailand remains on track. This collaboration marks another step in the development of GULF’s LNG business, expanding from a focus on securing LNG supply to meet domestic demand toward managing our gas business portfolio across the value chain, while building a stronger trading foundation to expand collaboration with global partners and support GULF’s long-term growth."
The agreement marks another step in the development of GULF’s LNG business, broadening its role from securing LNG supply for domestic demand to managing its LNG portfolio and trading in international markets. LNG supply for the firm’s power plants in Thailand remains on track.
Gulf LNG International (GLNGI) operates the company’s LNG supply and trading business under the management of GULF Resources, the Thai player’s resources business arm, spanning LNG supply and trading, LNG receiving terminal, and storage infrastructure, vessel operations, and natural gas distribution.