National oil and gas conglomerate PTT Group (PTT) said on Thursday its joint venture GPC International Terminal has signed a 35-year contract to build the third phase of Laem Chabang port project with a budget of 30.9 billion baht.
The joint venture GPC is formed by PTT’s subsidiary PTT Tank, Chec Oversea Infrastructure Holding, and Gulf Energy Development.
PTT, Chec Oversea, and GULF will hold 30, 30, and 40 per cent stake in GPC, respectively.
The agreement was completed in the form of a public-private partnership to develop the Laem Chabang port phase III project at the Terminal F, which was approved by the cabinet earlier this month, PTT president Auttapol Rerkpiboon said in a statement.
He said the goals are “to operate a seaport and to provide services” such as transporting goods and running warehouses with the capacity up to 4 million twenty-foot equivalent units (TEU) per year.
GPC plans to start constructing the first part, Terminal F1, in 2023 and begin commercial operation in 2025.
The second part, Terminal F2, will be built in 2027 and will launch its operation in 2029.
“This is in line with PTT’s strategy in pursuing Logistics & Infrastructure business and supporting infrastructure growth in Thailand,” Auttapol said.