CP Seeks Exit From 3-Airport Rail Deal

CP Group has requested termination of the high-speed rail contract linking three airports, citing its inability to obtain investment promotion approval from the Board of Investment (BOI) and issue the notice to proceed (NTP) for construction. The request has been submitted to the State Railway of Thailand (SRT), with the matter expected to be considered by the Eastern Economic Corridor Policy Committee by August 2026.

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A meeting of the SRT board on July 9, 2026, reviewed options for resolving issues surrounding the three-airport high-speed rail project. The public-private partnership involves the SRT and Asia Era One Co Ltd, with CP Group as the major shareholder.

Negotiations to amend the joint investment contract began in 2021 after the Cabinet approved the principle of contract changes on October 19, 2021, to reduce the impact of the Covid-19 pandemic. Discussions continued through several governments, but no agreement was reached.

SRT governor Anan Phonimdaeng said after the board meeting that CP had formally sent a letter requesting termination of the joint investment contract. The company cited its inability to apply for and receive a BOI investment promotion certificate, along with its inability to issue the NTP required for construction to begin.

The next step will be for the SRT to submit the matter to the Eastern Economic Corridor Policy Committee for review by August 2026. The Eastern Economic Corridor Office (EECO) has scheduled a meeting of the joint investment contract management committee for July 15, 2026, to discuss the proposed mutual termination between EECO, the SRT and CP.

Anan said a key issue following any contract termination would be negotiations over management of the Airport Rail Link, as its operation is connected to the wider agreement. If the main contract ends, the private operator’s right to manage train services would also end.

The current train-operation contract is scheduled to expire on September 30. The SRT is preparing contingency plans to ensure passengers are not affected and may need to negotiate with the private operator on a temporary management arrangement, although legal details remain under review.

The Nation reported that the SRT is also examining Asia Era One Co Ltd’s investment claims and whether compensation would be required if the contract is terminated. Initial reviews indicate that expenses and revenue, including interest, would need to be offset before a final figure can be determined.

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11 July 2026