POSCO E&C wins $1.1 bn LNG terminal deal in Thailand

POSCO E&C Co., a South Korean engineering and construction company, said on Tuesday that it has secured a 1.5 trillion won ($1.1 billion) contract to build Thailand’s first public-private LNG terminal.

The Map Ta Phut (MTP) LNG terminal project is jointly commissioned by Gulf Development, a major Thai private energy investor, and PTT Tank Terminal Co., a subsidiary of PTT, Thailand’s largest state-owned energy company.

The LNG import terminal will be located in the Map Ta Phut industrial estate, about 130 kilometers from Bangkok.

Under the contract, POSCO E&C will build two 250,000-cubic-meter LNG storage tanks, unloading facilities and regasification equipment capable of handling 8 million tons of LNG annually.

The South Korean builder has established a track record in Thailand. It has completed more than 20 petrochemical, oil, gas and power plant projects since 2002.

“This contract demonstrates our technological capabilities in LNG terminal construction,” said a POSCO E&C official. “We will continue to expand into global markets, leveraging POSCO Group’s LNG business expertise.”

POSCO International Corp., a general trading and energy exploration company, operates an LNG import terminal in Gwangyang, South Jeolla Province – the first such facility run by a non-state company in South Korea.

Write to Yeonhee Kim at yhkim@hankyung.com