A joint venture (JV) led by Gulf Energy Development Plc will develop Phase III of Thailand’s Laem Chabang port following a new deal signed with the national authority.
On 25 November the JV signed the public-private partnership contract with the Port Authority of Thailand (PAT) worth 30.9 billion baht ($927 million) to develop Laem Chabang Port Phase 3, Terminal F project in Chonburi province.
GPC International Terminal Ltd. (GPC) is a joint venture between Gulf Energy Development plc (Gulf), PTT Tank Terminal Company Limited (PTT Pcl) and Chinese Harbour Engineering Company Oversea Infrastructure Holding Pte. Ltd. (CHEC Oversea).
Gulf holds a 40% stake, while PPT Pcl and CHEC Oversea holds 30% of the shares respectively.
This joint endeavor aims to push the Laem Chabang Port towards the gateway of trade and investment, which will potentially drive Thailand towards becoming a regional hub and increase the country’s competitive edge.
The port is expected to open for commercial operations by 2025.
For the development of the Laem Chabang Port Phase 3, PAT will be in charge of sea reclamation – while GPC will be responsible for the design, construction, and operation and maintenance (O&M) services for F1 and F2 container berths to accommodate container throughput and implement automation technology for the operation of the project.
The port can handle a container throughput capacity of 4 million TEU/year.
GPC will receive remuneration as income from port operations such as berth hire, wharf handling charges, container wharfage and other related fees according to the scope and conditions of the 35-year PPP contract.
Construction will begin on the F1 container berth in 2023 and commercial operations are scheduled for 2025 while construction will begin on the F2 container berth in 2027 and scheduled for commercial operations by 2029.
Hutchison Ports Thailand has previously taken a major step towards transforming the Laem Chabang Port into a ‘smart port’ after it took delivery of six autonomous trucks. The trucks arrived at the Port’s Terminal D from Shanghai on 26 April 2020.