Gulf-PTT inks EEC deal in Map Ta Phut

By THE NATION

 

 

The Industrial Estate Authority of Thailand (IEAT) signed an agreement with Gulf MTP LNG Terminal, a joint venture of Gulf Energy Development Public Co Ltd (Gulf) and PTT Tank Terminal, on Tuesday (Oct. 1) to expand the Map Ta Phut Industrial Estate phase 3 project, or MTP3, by 1,000 rai of reclaimed land.

 

Deputy Prime Minister for economic affairs Somkid Jatusripitak revealed that Gulf and PTT were the joint bid winners under the public-private-partnership (PPP) contract.

 

“The private joint venture will be granted a licence to conduct business on 200 rai of MTP industrial estate while sharing part of the profit with the government,” he said. “The MTP3 project is the first of five mega infrastructure development projects in Eastern Economic Corridor [EEC] areas.”

 

According to Somkid, the first section of MTP3 is expected to be completed by 2025 and will become part of a seamless transportation network in the CLMVT bloc – Cambodia, Laos, Myanmar, Vietnam and Thailand.

 

After the contract is signed, the IEAT will present construction plans to the Harbour Department and apply for a construction permit in compliance with the Navigation in Thai Waters Act, as well as establish a taskforce to be responsible for environmental and health impact assessment of communities around the project.

 

The MTP3 project has a combined investment value of Bt55.4 billion. The first section will cover land reclamation and construction of superstructure for the port.

 

Source: https://www.nationthailand.com/news/30376942

 

-- © Copyright The Nation Thailand 2019-10-02

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5 hours ago, webfact said:

PTT Tank Terminal

PTT Tank Terminal Co. Ltd.(PTT Tank) is a fully owned subsidiary of PTT Public Co. Ltd.

http://www.ptttank.com/Other/Invitation%20for%20Prequalification%20of%20EPCC%20Bidders%20150-Ton%20NH3%20Bullet_R2.pdf

The Thailand Minister of Finance owns 51.11% of the stock for PTTPCL.

The next nine stockholders collectively own 26.15% with the highest share being 7.26%. Two of those nine stockholders are listed as "nominees" who may be foreign entities.

https://market.sec.or.th/public/idisc/en/CompanyProfile/Listed/PTT

5 hours ago, webfact said:

Deputy Prime Minister for economic affairs Somkid Jatusripitak revealed that Gulf and PTT were the joint bid winners under the public-private-partnership (PPP) contract.

Without further analyzing the stock ownership of Gulf for any state ownership, it seems is that the state-owned Industrial Estate Authority of Thailand is awarding a contract to a joint venture that in part is a state-owned enterprise?

In trade deals that's called a "related party" transaction.