POSCO E&C Wins Thailand's First Public-Private LNG Terminal Project Worth KRW 1.5 Trillion

Thailand's First Public-Private Partnership LNG Terminal Project
Total Project Cost KRW 1.5 Trillion... Secured Amidst Global Competition
Construction of Two 250,000 m³ LNG Storage Tanks in Map Ta Phut Industrial Complex
POSCO E&C, Korea's Only LNG EPC Contractor

POSCO E&C has secured a KRW 1.5 trillion contract for the construction of the 'Gulf MTP LNG Terminal' in Thailand, further strengthening its position in the global liquefied natural gas (LNG) market. This order marks the first public-private partnership LNG terminal project in Southeast Asia. The contract is especially significant as POSCO E&C won the large-scale project in competition with leading global engineering, procurement, and construction (EPC) companies.

POSCO E&C has signed a contract related to the terminal business with Gulf Development Company in Thailand. POSCO E&C.

On June 30, POSCO E&C announced that it had signed a contract in Bangkok, Thailand, with Gulf Development, the country's largest private energy company. The project involves building an LNG terminal that includes two 250,000 m³ LNG storage tanks, regasification and send-out facilities with an annual capacity of 8 million tons, and unloading facilities. The total project cost amounts to approximately KRW 1.5 trillion.

The 'Gulf MTP LNG Terminal' will be built within the Map Ta Phut (MTP) industrial complex, located about 130 kilometers from Bangkok. The project was jointly commissioned by Gulf Development and PTT Tank Terminal, a subsidiary of Thailand's state-owned energy company PTT. This initiative is part of the Thai government's national energy infrastructure strategy and will be recorded as the first public-private partnership LNG terminal in Thailand.

POSCO E&C has a proven track record of completing numerous projects, ranging from domestic LNG terminals in Gwangyang, Samcheok, and Jeju Aewol, to the Colon terminal in Panama and the PTT LNG terminal in Thailand. Notably, it is the only company in Korea capable of performing all aspects of LNG EPC. Leveraging its proprietary design technology, POSCO E&C secured this contract by outperforming global competitors from Japan, China, and Lebanon.

PTT LNG Terminal completed by POSCO E&C in Thailand in 2017. POSCO E&C.

Since 2010, the company has operated a dedicated LNG division and completed construction of the Gwangyang LNG tanks No. 5 and 6 using high-manganese steel. It is currently building tanks No. 7 and 8. Additionally, POSCO E&C is carrying out unloading and send-out facility construction at the Dangjin LNG production base, a project led by Korea Gas Corporation.

A POSCO E&C representative stated, "This achievement is the result of our combined experience and technical expertise in EPC projects both domestically and internationally," adding, "Based on POSCO Group's LNG value chain capabilities, we will continue to expand into the global market."