POSCO Engineering & Construction Co., Ltd. (POSCO E&C) has successfully secured a construction project for the 'Gulf MTP (Map Ta Phut) LNG Terminal' in Thailand, valued at approximately 1.5 trillion won, as of June 30.
This win further cements its position in the global LNG market. The contract, signed in Bangkok, involves the construction of two LNG tanks with a capacity of 250,000 cubic meters each, unloading facilities, and regasification equipment with an annual throughput capacity of 8 million tons. This national-scale energy infrastructure project is a collaborative effort between POSCO E&C and Thailand’s Gulf Development.
Situated 130 kilometers from Bangkok in the Map Ta Phut Industrial Estate, the Gulf MTP LNG Terminal is a joint venture commissioned by Gulf Development, a leading private energy investment firm, and PTT Tank Terminal, a subsidiary of Thailand’s largest state-owned energy company, PTT. It marks Thailand's first public-private partnership in constructing an LNG terminal.
Since 2002, POSCO E&C has demonstrated unrivaled competitiveness in Thailand's construction market by successfully completing over 20 projects in petrochemical, oil & gas, and power plant sectors. The recent contract award is particularly significant as it was secured following a competitive bidding process against three major global firms from Japan, China, and Lebanon. POSCO E&C's flawless execution of domestic projects, including those in Gwangyang, Jeju Aewol, and Samcheok, as well as international projects such as the PTT and Panama Colon LNG terminals, was instrumental in this achievement.
POSCO E&C has been operating a dedicated LNG terminal team since 2010, enabling them to execute various LNG terminal projects, including tanks, wharf facilities, and regasification installations. The company's status as the only domestic EPC firm possessing independent design technology was highly regarded in this project.
Moreover, as POSCO Group continues to expand the global LNG value chain—spanning production, transportation, storage, sales, and construction—POSCO E&C's successful acquisition of the Gulf MTP LNG Terminal project is seen as an indication of the group’s potential for synergy in international markets.
Additionally, POSCO E&C is currently completing Gwangyang LNG Tanks 5 and 6, which utilize high manganese steel developed by POSCO, with plans to build tanks 7 and 8. The company is also constructing regasification and unloading facilities at the Dangjin LNG production base initiated by Korea Gas Corporation.
A POSCO E&C representative stated, "This achievement is a testament to our accumulated EPC capabilities and know-how, reinforcing our technical prowess in LNG tank terminal construction. We will continue to pioneer in the global market through POSCO Group's LNG value chain.”
