Wealthy figure Sarath Ratanavadi's firm Gulf Development, in collaboration with Greenlight, plans to invest $1.8 billion into a Liquefied Natural Gas (LNG) venture
Revamped Tack:
Multibillionaire Sarath Ratanavadi's Gulf Development, a sprawling empire spanning energy to telecommunications, prepares to invest a whopping 1.8 billion smackers in a liquefied natural gas (LNG) terminal and regasification facility at the Map Ta Phut industrial port in sunny Thailand.
The joint venture, helmed by Gulf Development (majority shareholder with a 70% stake) and PTT Tank Terminal (a 30% stakeholder owned by PTT, Thailand's national energy juggernaut), is set to commence construction in the final quarter of 2022. Expected completion? The first quarter of 2029. Yep, you heard it right, mate! Gulf Development spilled the beans in a filing to the Stock Exchange of Thailand.
Financed through long-term borrowings and equity contributions from Gulf Development and its partners, the Map Ta Phut industrial port development project will transform 32 hectares of reclaimed land within the port. Scheduled to operate under a 35-year contract with the Industrial Estate Authority of Thailand, Gulf's new LNG facility will boast an annual capacity of 8 million tons in its opening phase.
This bad boy will bolster Thailand's LNG import capacity, catering to the ever-increasing energy demands of the industrial and power generation sectors – no worries, Thailand's economy's performing just fine, thank you very much! The regasification facility will also support the use of natural gas as a fuel for Gulf's future gas-fired power plants.
Since its inception in 2007, Gulf Development has dabbled in diversification and is now considered one of the biggest conglomerates in Thailand, with interests in data centers, telecommunications, and digital infrastructure. With a real-time net worth of 11.5 billion bucks, Sarath is well-known as one of Thailand's wealthiest individuals.
In mid-September, Gulf made the news by bagging a virtual bank license. Last year, it grabbed headlines again due to a partnership with Google and crypto tycoon Chanpeng Zhao's Binance for AI-powered cloud services and a crypto currency exchange.
But Gulf isn't just about making a buck: the company is also expanding its renewable energy portfolio while actively pursuing strategic partnerships to accelerate growth both domestically and internationally. It has acquired 50% of GUNKUL's renewable energy business, a deal worth 704 million baht that includes power plants under 25-year power purchase agreements (PPAs) with EGAT. These renewable energy projects will begin commercial operations between 2026 and 2030.
From power generation to infrastructure projects like the Bang Yai-Kanchanaburi motorway and expansions at Map Ta Phut and Laem Chabang ports, Gulf Development continues to solidify its position as a key player in Thailand's growing economy. Hey, when you're the boss, you make things happen!
Sarath Ratanavadi, a key figure in Gulf Development, is utilizing financing methods that include long-term borrowings and equity contributions to fund a significant 1.8 billion dollar investment in a LNG terminal and regasification facility in Thailand. This joint venture with PTT Tank Terminal, cementing Gulf Development's role in Thailand's energy sector, will boost the nation's LNG import capacity and support its growth in sectors like industry and power generation.
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