POSCO E&C landed a 1.5 trillion won ($1.1 billion) contract to construct Thailand’s inaugural public-private LNG terminal, marking the South Korean builder’s largest project in the Southeast Asian nation.
The Map Ta Phut facility will be developed through a joint venture between Gulf Development, holding a 70% stake, and PTT Tank Terminal, with 30%. The terminal, located 130 kilometers southeast of Bangkok, represents Thailand’s third LNG facility and aims to reinforce national energy security amid growing industrial gas demand.
POSCO E&C will construct two 250,000-cubic-meter storage tanks and regasification equipment capable of processing 8 million tons annually. The project forms part of a broader 60 billion baht ($1.7 billion) investment by Gulf MTP LNG Terminal Company, with commercial operations targeted for early 2029.
The South Korean firm has established a presence in Thailand’s energy sector, completing over 20 petrochemical and power projects since 2002. However, the company faces execution risks on the complex infrastructure project, which involves extensive land reclamation work and requires coordination with local partner CAZ Thailand.
Thailand’s LNG market liberalization has opened opportunities for private operators, as the government seeks to position the country as a regional trading hub. The Map Ta Phut expansion adds capacity to Thailand’s existing infrastructure, though current terminals operate below 50% utilization.
