MOSCOW (MRC) -- National oil and gas conglomerate PTT Group (PTT) said on Thursday its joint venture GPC International Terminal has signed a 35-year contract to build the third phase of Laem Chabang port project with a budget of 30.9 billion baht, according to Thai Enquirer.
The joint venture GPC is formed by PTT’s subsidiary PTT Tank, Chec Oversea Infrastructure Holding, and Gulf Energy Development.
PTT, Chec Oversea, and GULF will hold 30%, 30%, and 40% stake in GPC, respectively.
The agreement was completed in the form of a public-private partnership to develop the Laem Chabang port phase III project at the Terminal F, which was approved by the cabinet earlier this month, PTT president Auttapol Rerkpiboon said in a statement.
He said the goals are “to operate a seaport and to provide services” such as transporting goods and running warehouses with the capacity up to 4 million twenty-foot equivalent units (TEU) per year.
GPC plans to start constructing the first part, Terminal F1, in 2023 and begin commercial operation in 2025.
The second part, Terminal F2, will be built in 2027 and will launch its operation in 2029.
“This is in line with PTT’s strategy in pursuing Logistics & Infrastructure business and supporting infrastructure growth in Thailand,” Auttapol said.
As MRC informed earlier, in October 2021, Thai chemical firm, PTT Global Chemical Pcl (PTTGC) said it plans to invest over USD22 bln in the next three decades to achieve net zero carbon emissions by 2050.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.