LogIn LogOut

Thailand: Gulf Energy Gets License to Import up to 1.7M Tonnes of LNG a Year

May 21, 2020

Thai Gulf Energy Development Pcl received licenses from the government to import up to 1.7 million tonnes of liquefied natural gas (LNG) each year, the company said on Thursday, in a move that will cut energy costs.

It becomes the second firm to be granted such a license, after the state-owned Electricity Generating Authority of Thailand (EGAT), as the country moves to free up its natural gas market and position itself as a regional trading hub for LNG.

In a statement, Gulf Energy said the Energy Regulatory Commission had approved its request for an LNG shipper license in the amount of 300,000 tonnes a year.

A license for 1.4 million tonnes a year was also issued to Hin Kong Power Holding Limited, Gulf said in a separate statement. It has a 49% stake in Hin Kong Holding, while Ratch Group Pcl holds 51%.

Gulf said its license would be used to supply LNG to 19 of its small power projects in the company. Hin Kong’s license will be used to provide fuel for a 1,400-MW power plant.

The licenses will lower LNG costs and energy prices for industrial users and the country, Gulf said.

Previously, PTT Pcl and its subsidiary had been Thailand’s sole gas supplier and LNG importer.

Gulf Energy had issued a request for proposal (RFP) in April to buy 1.1 million tonnes of LNG each year for 10 years from 2023, traders said.

By 2037, Thailand plans to have 53% of its total capacity of 77 GW coming from natural gas sources. 

(Reporting by Chayut Setboonsarng; Additional reporting by Jessica Jaganathan; Editing by Clarence Fernandez)

Categories: LNG Thailand


Current News

MODEC, Toyo to Form Engineering JV for Large-Scale FPSOs

MODEC, Toyo to Form Engineering JV for Large-Scale FPSOs

International Breakthrough: Reach Subsea's OCTIO Nets 4D Geophysical Monitoring Work in Australia

International Breakthrough: Reach Subsea's OCTIO Nets 4D Geophysical Monitoring Work in Australia

Japan's Inpex Increases Full-year Profit Guidance on Stronger Oil, Gas Prices

Japan's Inpex Increases Full-year Profit Guidance on Stronger Oil, Gas Prices

Indonesia: Pertamina's H1 Oil, Gas Output Rises to 965,000 BOEPD

Indonesia: Pertamina's H1 Oil, Gas Output Rises to 965,000 BOEPD

Conoco Sweetens Shareholder Returns by $5 Billion as Profit Jumps

Conoco Sweetens Shareholder Returns by $5 Billion as Profit Jumps

Korean Companies Ink CCS MoU With Petronas

Korean Companies Ink CCS MoU With Petronas

Ørsted Opens Offshore Wind Operations and Maintenance Hub in Taiwan

Ørsted Opens Offshore Wind Operations and Maintenance Hub in Taiwan
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com