Overview of the GULF LNG Terminal Project

Focus Keyword: GULF LNG Terminal

Sub-keywords: Map Ta Phut Phase 3, EEC infrastructure, LNG investment Thailand

Gulf MTP LNG Terminal Co., Ltd. (GMTP), a joint venture led by GULF Development Public Company Limited, is moving forward with its plan to develop the GULF LNG Terminal as part of Map Ta Phut Industrial Port Phase 3. The project is set to begin construction in Q4 2025 and is expected to commence commercial operations by Q1 2029.

Role in Eastern Economic Corridor (EEC)

This project aligns with Thailand’s Eastern Economic Corridor (EEC) master plan, aiming to strengthen the infrastructure backbone of the Eastern Seaboard. The LNG terminal will be a crucial part of the national energy strategy, supporting the rising demand for natural gas in both industrial and power sectors.

Timeline and Construction Scope

The land reclamation phase of around 1,000 rai was completed in March 2025, which paves the way for the next development stage: the construction of the LNG jetty and regasification terminal across 200 rai.

Investment Structure and Partners

GMTP is a public-private partnership between GULF (70%) and PTT Tank Terminal Co., Ltd. (30%). The project will be executed under a 35-year concession from the Industrial Estate Authority of Thailand (IEAT). The total investment for the GULF LNG Terminal is capped at THB 60 billion, making it a significant infrastructure endeavor in Thailand’s energy landscape.

National Energy Security and LNG Infrastructure

The upcoming terminal will be Thailand’s third LNG receiving terminal, adding critical infrastructure for energy import diversification and ensuring stable fuel supply for future power generation. This will strengthen the energy resilience and economic competitiveness of the country.

Revenue Model and Regulation

The GULF LNG Terminal will operate under a Regulated Business Model, consisting of:

Fixed Demand Charge: Covering capital expenditure and guaranteed returns.
Variable Commodity Charge: Reflecting fluctuating operational costs passed through to customers based on LNG regasification volumes.

This model ensures both transparency and return on investment, aligning with public interest.

Strategic Integration with GULF’s Energy Ecosystem

The terminal will support GLNG and HKH, GULF’s subsidiaries involved in electricity generation, by providing a direct LNG supply line. This vertical integration marks GULF’s strategic move to build a fully integrated energy value chain, from LNG import to electricity generation.

Regulatory Disclosure and Asset Acquisition

The project qualifies as an asset acquisition under Thailand’s Securities and Exchange Commission (SEC) regulations. The transaction accounts for 8.14% of GULF’s total asset value and, when aggregated with past acquisitions, totals 20.11%, categorizing it as a Type 2 acquisition. The company has submitted full disclosure to the Stock Exchange of Thailand (SET) and is notifying shareholders within 21 days, as required by law.

Conclusion and Forward Outlook

The GULF LNG Terminal at Map Ta Phut Phase 3 represents more than just an infrastructure project—it reflects Thailand’s strategic shift toward energy independence, industrial resilience, and economic competitiveness. As global energy demand pivots and LNG becomes a transitional fuel of choice, Thailand positions itself to lead regional energy logistics through smart, integrated development like this.

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GULF to Launch LNG Terminal at Map Ta Phut Phase 3 in Q4 2025