Billionaire Sarath Ratanavadi invests $1.8 billion in Thailand's LNG terminal

In eastern Thailand, Gulf Development, an energy conglomerate primarily controlled by billionaire Sarath Ratanavadi, has been authorized to proceed with a substantial liquefied natural gas (LNG) project. The project involves an investment of approximately 60 billion baht, equivalent to $1.8 billion, aimed at constructing a terminal and regasification facility at the Map Ta Phut industrial port. Construction is anticipated to begin in the fourth quarter of 2025, with expectations for commercial operations to commence in the first quarter of 2029. The joint venture, called Gulf MTP LNG Terminal (GMTP), comprises a 70% ownership by Gulf Development and a 30% stake by PTT Tank Terminal, a subsidiary of Thailand's state-owned energy company, PTT. This partnership is part of a broader initiative to enhance the energy infrastructure within Thailand, as the country faces a growing demand for liquefied natural gas. The terminal marks the third LNG facility in Thailand, reinforcing efforts to bolster the nation’s energy import capabilities. As Thailand's economy continues to expand, the LNG terminal is expected to play a pivotal role in meeting the energy needs of both the industrial sector and power generation. Gulf Development stated that the facility will support natural gas utilization for power generation at its gas-fired plants in the region. Such developments indicate a significant evolution in Thailand's energy landscape, driven by strategic investments that connect energy production with infrastructural growth. Founded in 2007, Gulf Development has grown into one of Thailand's major conglomerates, diversifying its interests across telecommunications, digital infrastructures, and data centers. Recently, the company has collaborated with major tech players, including Google, to develop AI-driven cloud services and has launched a cryptocurrency exchange in partnership with Binance, showcasing its ongoing commitment to innovation and technological advancement within the country.