The Industrial Estate Authority of Thailand (IEAT) on 1 of October has signed a public-private partnership (PPP) contract with the winner of the tender - Gulf MTP LNG Terminal, for the development of the Map Ta Phut seaport project which is worth THB 55.4 billion (USD 1.69 billion).

Gulf MTP LNG Terminal is a joint venture between Gulf Energy Development and PTT Tank Terminal. Gulf Energy Development owns a 70% stake in the venture and PTT Tank Terminal - 30%.

The project involves the development of the third phase of the Map Ta Phut Port. The Port is located in the district of Rayong. Project objectives are to increase the capacity of natural gas and raw fluid material shipments for the petrochemical industry. Upon completion, the seaport will be able to accept 19 million additional tons of cargo (petrochemicals and natural gas) within 20 years.

The project will be carried out in two parts. The first part is estimated at THB 47.9 billion (USD 1.57 billion) and it involves land reclamation and phase one of LNG terminal with a capacity of 5 million tonnes a year.

The second part involves the development of the seaport´s superstructure, estimated at THB 7.5 billion (USD 245.88 million). It will serve LNG shipments of 4 million tonnes a year.

This project is expected to be operational in 2025.

Map Ta Phut seaport third phase is a part of the Eastern Economic Corridor of Thailand, and it is the first project of the scheme to be signed. The is a total of 5 projects in the scheme.

Gulf MTP LNG Terminal will invest THB 35 billion (USD 1,15 billion) into the project and the remaining THB 12.9 billion (USD 423 million) will be a loan from the Industrial Estate Authority of Thailand.