Thai firm Gulf Energy signs $ 927 million port deal with government

0
19

BANGKOK (Reuters) – Thai power producer Gulf Energy Development announced Thursday, November 25, that its consortium had signed a deal worth 30.9 billion baht ($ 927 million) with the country’s port authority for the construction and operation of container terminals.

The company, one of the country’s largest private power producers, is owned by Thai billionaire Sarath Ratanavadi and has invested billions of dollars to expand its infrastructure business.

“Gulf will use the experience accumulated in the development and management of large-scale infrastructure projects in Thailand and abroad to develop the port,” said Ratthaphol Cheunsomchi, senior executive of Gulf Energy.

See also  Latent View IPO opens today: 10 things to know

Gulf Energy owns a 40 percent stake in the consortium, called GPC, while state-owned energy company PTT and China Harbor Engineering Company each hold 30 percent.

The group will build and operate the two terminals at Laem Chabang port for 35 years, as part of the government’s ambitious plan to attract foreign investment to its east coast.

The first terminal is expected to begin operations in 2025 and construction of the second is expected to begin in 2027. Together, they will be able to handle 4 million twenty-foot equivalent units (TEUs) each year, Ratthaphol said.

See also  Star Health IPO subscribed 79% on last day of subscription

Gulf’s traditional business is electricity and its installed capacity is around 9.3 gigawatts, but in recent years it has diversified.

In 2019, the Gulf and state-owned energy giant PTT began construction of a $ 1.3 billion gas terminal on the country’s east coast.

Earlier this year, Gulf Energy also offered $ 5.4 billion to buy telecommunications group Intouch Holdings and ultimately increased its stake to 42.3% in a digital infrastructure campaign.

See also  Paytm's IPO was subscribed 1.89 times on the last day

InTouch is the largest shareholder in the country’s largest telecommunications company, Advanced Info Service and satellite operator, Thaicom.

LEAVE A REPLY

Please enter your comment!
Please enter your name here