EPCC deal inked for next stage of Thailand’s third LNG terminal

July 2, 2025, by Dragana Nikše

Thailand’s Gulf Development Company has signed an engineering, procurement, construction, and commissioning (EPCC) contract with the PEC-CAZ Consortium for the next phase of a liquefied natural gas (LNG) terminal on the eastern coast of the Gulf of Thailand.

EPCC signing ceremony; Source: Gulf Development Public Company

The deal concerns the superstructure development of the Map Ta Phut industrial port Phase 3 project. As the third LNG terminal in Thailand, Gulf expects it to play a key role in strengthening the country’s energy security by enhancing LNG import capacity to meet the growing energy demand from the industrial and power generation sectors in line with Thailand’s economic growth.

The EPCC contract was signed between Gulf MTP LNG Terminal Company Limited (GMTP), a joint venture between Gulf (70%) and PTT Tank (30%), which is an affiliate of Thailand’s state-owned PTT. The PEC-CAZ Consortium comprises South Korea’s POSCO Eco & Challenge Company (PEC) and Thailand’s CAZ.

The duo will carry out the superstructure work of the Map Ta Phut Project, which includes the design, construction, and operation of the LNG terminal and regasification facilities with an initial capacity of 8 million tons per annum (mtpa) for the first phase of the LNG terminal, expandable up to 10.8 mtpa.

In April, GMTP entered into a 35-year public-private partnership (PPP) contract with the Industrial Estate Authority of Thailand (IEAT) to develop the project in two stages.

Phase 1 entails infrastructure works including dredging and land reclamation, revetment construction, breakwater construction, service terminal, utility works, and other relevant works. The land reclamation works under this phase were completed in March 2025.

Phase 2 encompasses the design, construction, and operation of the LNG terminal and regasification facilities. GMTP passed a resolution approving this stage to proceed in June.

The superstructure construction is scheduled to begin in Q4 2025, with the start of commercial operations targeted for Q1 2029. The investment for this stage is expected to amount to THB 60 billion, or approximately $1.8 billion.

The project’s primary target customers are domestic LNG shipper license holders, including affiliated companies such as Hin Kong Power Holding Company (HKH) and Gulf LNG Company Limited (GLNG). The LNG is set to be used to power their gas-fired power plants Gulf PD, Gulf SRC, and Hin Kong.

At the start of this year, Gulf LNG imported its first LNG cargo shortly after announcing a deal with ADNOC. The cargo was to be regasified at Map Ta Phut LNG terminal 2 (LMPT2) and then injected into PTT’s natural gas pipeline system for delivery to Gulf Group’s power plants.