GPC International Terminal Ltd. and the Port Authority of Thailand (PAT) have signed a 35-year public-private partnership (PPP) contract to jointly develop and operate the Laem Chabang Port Phase III, Terminal F project in Chonburi province.
This joint endeavour, which is expected to increase Thailand’s competitive edge, has an investment value in terms of the berth structure development of US$927 million, according to a statement.
Construction on the F1 container berth is projected to begin in 2023 and commercial operations are scheduled for 2025, while construction on the F2 container berth will begin in 2027 and commercial operations are scheduled by 2029.
Vice Admiral Yutthana Mokkhao, Acting Director and Deputy Director, Financial Management and Corporate Strategy, PAT, said that the aim of Laem Chabang Port Phase III is to be a green port, which takes into account the environment and local people’s quality of life.
GPC is a joint venture between Gulf Energy Development (GULF), PTT Tank Terminal Company Limited (PTT Tank) and Chec Oversea Infrastructure Holding Pte Ltd (Chec Oversea) where GULF holds a 40% stake, while PPT Tank and Chec Oversea hold 30% of the shares each.
Anutin Charnvirakul, Deputy Prime Minister and Minister of Public Health pointed out the benefits arising from the Laem Chabang Port Phase III, Terminal F project. “It will boost the economy in a move to support the growth of future international sea freight as well as improve the well-being of the people following the government’s commitment as the development promotes the value chain and multimodal transport management to increase efficiency and reduce shipping costs,” he said.
“This will develop and expand the area behind the Laem Chabang Port to its fullest potential,” added Charnvirakul.
For the development of the Laem Chabang Port Phase III at the port which can handle four million TEU annually, PAT will be in charge of sea reclamation while GPC will be responsible for the design, construction, and operation and maintenance services for F1 and F2 container berths. The project is expected to ease the process of the containers moving to Thailand.
GPC will also 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 contract.
