The terminal will be located at Ta Phut, 220 kilometres southeast of the capital, Bangkok, and will consist of two 160,000 cubic metres LNG storage tanks as will as vaporizer and jetty facilities.
GS said the lump sum turnkey contract was worth $390 million out of the total project cost of $540M and would be underwritten by the Korea Export Insurance Corp.
Members of a Korean consortium would carry out other work on the project. They include Korea Gas Corp., Hanyang Corp. and Daewoo Engineering, GS said in a statement.
This construction of an LNG receiving terminal in Thailand is the first overseas LNG terminal project for Korean E&C companies, GS said. This project will help diversify the business portfolio of GS E&C into the LNG market," it added.
The Korean company has previously worked on other overseas energy projects and is currently completing an aromatics plant in Thailand.
GS also pointed out its LNG experience in South Korea. It has previously worked on domestic Korean LNG terminal expansion projects at Pyeong-Taek, Tong-Young and Incheon.
The PTT LNG company is likely to benefit from the project because of the involvement of a subsiduary of Kogas, one of the worlds biggest LNG buyers, as PTT LNG has relied on buying LNG from Iran to meet its rising natural gas demand.
However, securing offtake for the terminal is expected to be PTT's biggest challenge. The facility comes online in 40 months and GS said it expected to begin work immediately, with the completion date set at June 2011.