The Company
Company Background
From a Solid Foundation to a Sustainable Future
For over two decades, GULF has built the foundations that lead to a future of sustainable energy. We have come a long way from our humble beginnings in power plant supervision. Since our first project in 1994, we have navigated through significant shifts in perspective on energy management. In business principles and strategy, we have re-oriented toward sustainability, undertaking the transition from coal-dependent electricity generation to natural gas, as a reliable fuel that has less impact on society and the environment.
Gulf Holdings Company Limited (GHC) was founded in 2007 to participate for the first time, in collaboration with strategic partners, in bidding for IPP and SPP gas-fired power projects in Thailand. Since then, our continuous development of gas-fired power projects has laid a stable foundation of energy security for the country. In 2011, we established Gulf Energy Development Public Company Limited, which is now listed on the Stock Exchange of Thailand (SET) under the well-known trading symbol, "GULF."
Today, GULF operates under the principle of “Powering the future, empowering the people.” We are committed to building resilient societies for a sustainable future. Our focus is on developing high-efficiency gas-fired power projects alongside making a significant investment in renewable energy such as solar, wind, hydroelectric, biomass, and waste-to-energy projects. The success of GULF has continued as we expand internationally and diversify into new sectors, playing a larger role in the natural gas supply and wholesale business, energy and logistics infrastructure, and the digital, telecommunications, and satellite businesses. As with all of our investments, the goal of GULF is to drive economic growth and boost the competitive edge of the country and the region.
Goal-Oriented
The Company encourages and supports personal development, enabling employees to confidently push their limits, overcome obstacles, and achieve the Company's goals together.
Unity
The Company fosters a work environment that promotes knowledge-sharing and collaboration and supports activities that encourage positive interactions among employees.
Learning
Employees are encouraged to think innovatively, learn from mistakes, explore new ideas, and pursue personal growth through training opportunities provided throughout the year.
Flexible
The company and its employees must be able to adapt to an ever-changing environment, embrace new ideas and perspectives, and demonstrate resourcefulness and flexibility in their work.
Key Milestones
- Gas-fired power plant operations: The GPD gas-fired power project achieved full commercial operations (2,650 MW) and the HKP gas-fired power project commenced commercial operations for its first unit (770 MW).
- Thailand’s first private LNG importer: HKH became Thailand’s first private company to import LNG, supplying gas for power generation at the HKP gas-fired power project starting in February 2024.
- Further expansion in domestic renewable energy: The Group signed additional PPAs for domestic renewable power projects, bringing GULF’s committed renewable energy portfolio in Thailand to a total installed capacity of 3,142 MW.
- Advancements in digital ventures: Gulf Edge partnered with Google Asia Pacific Company Limited to operate Google Distributed Cloud (GDC) air-gapped, a sovereign cloud solution with exceptional stability and data security. Additionally, Gulf Binance, operating Thailand’s digital asset exchange under Binance TH, successfully launched its platform to the general public. Moreover, GSA DC signed a master agreement to provide data center services to Siam AI, Thailand’s first company to partner with NVIDIA Corporation.
- Amalgamation of GULF and INTUCH: The merger aims to streamline shareholding structures, enhance business management efficiency, and optimize the capital structure.
- Gas-fired power plant operations: GPD project commenced commercial operation for two units (1,325 MW) of gas-fired power plants.
- Overseas projects operations: DIPWP gas-fired power project in Oman (326 MW) and MKW wind farm in Vietnam (128 MW) commenced full commercial operation.
- International investments: GULF’s Group expanded its power business overseas by indirectly investing in a 49.00% equity interest in Jackson, an operating gas-fired power project in the USA (1,200 MW) and a 24.99% equity interest in Outer Dowsing, a developing offshore wind farm in the UK (1,500 MW).
- Expansion into hydroelectric power projects: GULF’s Group extended its renewable energy portfolio to hydroelectric power by acquiring a 19.99% stake in the Luang Prabang project in Lao PDR (1,460 MW). The Group also signed Power Purchase Agreements (PPAs) with EGAT to develop Pak Lay and Pak Beng projects in Lao PDR (770 MW and 912 MW, respectively).
- Domestic renewable energy projects: The Group was awarded projects under Thailand’s regulations for purchasing electricity from renewable energy sources under a Feed-in Tariff (FiT) scheme, and signed PPAs to develop a total of 870 MW solar farms, 1,526 MW solar farms with battery energy storage systems, and 20 MW industrial waste-to-energy projects in Thailand.
- Thailand’s 1st private company to import LNG: HKH signed an LNG supply agreement with Gunvor Singapore Pte. Ltd., to supply LNG of approximately 0.5 MTPA for HKP gas-fired power project, starting in February 2024.
- Further development in digital ventures: Gulf Binance obtained approval from the SEC to operate the digital asset exchange business in Thailand under the Binance TH by Gulf Binance, which has opened to the general public in January 2024.
- Gas-fired power plant operations: GSRC project continued its growth with the commencement of commercial operations for the remaining two units (1,325 MW) of gas-fired power plants.
- Wind farm investments: GULF, in collaboration with GUNKUL, established GGC, investing in 177.5 MW wind farms in Thailand. Meanwhile, the Company reduced its indirect equity interest in the 465 MW BKR2 wind farm in Germany from 50.00% to 24.99%.
- Infrastructure expansion: GULF expanded its infrastructure business by acquiring a 28.57% equity interest in TTT, the operator of the public terminal management project for the handling of liquid products in Map Ta Phut industrial estate.
- Digital business investment: GULF’s Group further invested in digital business by acquiring 41.14% ordinary shares of THCOM, as well as formed a partnership with Singtel and ADVANC to develop a data center business in Thailand.
