Thailand's PTT Plc budgeted around $616 million (THB 20 billion) to develop phase two of a liquefied natural gas (LNG) receiving terminal and gasification plant at Mab Ta Phut in the country's Rayong province, with the engineering, procurement and construction (EPC) contract recently awarded to South Korea's Daewoo Engineering Co. and Japan's IHI Corp., local daily Bangkok Post reported Monday.
The Thai firm will sign the EPC contract soon for phase two of the LNG project, scheduled for completion in 2017, PTT President and CEO Pailin Chuchottaworn said, as quoted in the Thai newspaper.
The project will have a gasification capacity of 5 million tons per year, similar to the first LNG terminal, which has been in operations since November 2011.
Thailand is expanding its LNG receving capacity amid rising gas demand, with imports projected to reach 5 million tons per year in 2016.
"Demand for natural gas in the Thai market is increasing every year but gas reserves in the Gulf of Thailand are becoming depleted. so LNG might become one of the backbones of energy resources in the future," Pallin said as reported in the Bangkok Post.
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