GULF and PTT Tank signed EPCC contract with POSCO E&C and CAZ to build LNG terminal at Map Ta Phut Phase 3.
Gulf MTP LNG Terminal Company Limited (GMTP), a joint venture between Gulf Development Public Company Limited (GULF) and PTT Tank Terminal Company Limited (PTT Tank), has entered into a major Engineering, Procurement, Construction, and Commissioning (EPCC) contract with the PEC-CAZ Consortium for the development of the superstructure in Phase 3 of the Map Ta Phut industrial port project. GULF holds a 70% stake in the Joint Venture, while PTT Tank retains the remaining 30%.
The contract signing ceremony featured key figures from the involved companies. Mr. Sarath Ratanavadi, Chief Executive Officer of GULF, and Mr. Hee Min Jeong, CEO & President of POSCO Engineering & Construction (POSCO E&C), represented their organizations in signing the agreement. They were joined by Mrs. Porntipa Chinvetkitvanit, Deputy CEO of GULF, and Mr. Nattawoot Krerpradab, President of PTT Tank, as well as senior executives from the PEC-CAZ Consortium.
The PEC-CAZ Consortium consists of two major engineering and construction firms: POSCO Eco & Challenge Company Limited (PEC), a prominent South Korean company and subsidiary of the POSCO Group; and CAZ (Thailand) Public Company Limited, a well-established Thai construction company. PEC brings to the table a vast portfolio of experience in large-scale infrastructure developments, including previous phases of the Map Ta Phut project, and is widely known for its environmentally responsible engineering practices. CAZ complements this with extensive local expertise across Thailand’s energy, Petrochemical, and industrial sectors.
Under this EPCC contract, the consortium will be responsible for the complete design, construction, and commissioning of key infrastructure components for the LNG terminal. This includes the regasification units and associated superstructure facilities, which will be built on approximately 200 rai (about 79 acres) of reclaimed land. The initial operational capacity of the terminal is projected at 8 million tons of liquefied natural gas (LNG) per year.
The development of Phase 3 at the Map Ta Phut port is strategically important to Thailand’s energy sector. It is expected to significantly boost the country’s LNG import capacity and enhance energy security amid rising domestic demand, particularly from the industrial sector. The project aligns closely with national strategies to secure long-term energy supply, support economic development, and maintain stability in the energy grid.
By combining international engineering standards with local construction expertise, the PEC-CAZ Consortium is well positioned to deliver a high-quality, efficient LNG terminal that will serve as a critical infrastructure backbone for Thailand’s future energy landscape.
