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.
Vision
A trusted infrastructure company that innovates to deliver sustainable, future-driven energy, infrastructure, and digital infrastructure across boundaries.
Mission
To integrate innovative strategies, quality resources, leading-edge technology, and a culture of commitment to deliver sustainable and reliable energy, infrastructure, and digital infrastructure solutions.
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 HKP gas-fired power project achieved full commercial operations (1,540 MW) following the completion of unit 2 at the beginning of the year.
- Amalgamation of GULFI and INTUCH: On April 1, 2025, the amalgamation of GULFI and of INTUCH is completed. As a result, GULFI and INTUCH ceased their status as juristic persons, and the newly formed GULF assumed all rights, assets, liabilities, and obligations of GULFI and INTUCH.
- LNG terminal construction: GULF commenced construction of its LNG terminal and regasification facilities in Map Ta Phut, Rayong, with an initial LNG receiving capacity of up to 8.0 MTPA.
- Renewable energy expansion: The Group signed additional PPAs and made new investments in domestic solar farms, solar farms with battery energy storage systems, and wind farms, bringing GULF’s committed renewable energy portfolio capacity in Thailand to a total installed capacity of 4,497 MW, of which 1,532 MW is operational by 2025.
- Data center business expansion: GULF’s first data center (25 MW) under GSA joint venture commenced commercial operation. Moreover, development of the second (38 MW) and third (up to 100 MW) data centers is underway, with expected operation by 2027.
- Strategic cloud partnerships: Through the G-AIS joint venture, GULF partnered with global cloud leaders—Google, Oracle, and Microsoft—to provide enterprise-grade cloud services for the Thai private and public sectors.
- Gas-fired power plant operations: The GPD gas-fired power project reached full commercial operations (2,650 MW) following the completion of units 3and 4. In addition, the HKP project commenced commercial operations of its first unit (770 MW).
- Thailand’s first private LNG importer: GULF Group became Thailand’s first private company to import LNG, supplying gas for power generation at the Group’s power project starting in February 2024.
- Domestic renewable energy projects: The Group signed an additional PPA to develop 142 MW of solar farm with battery energy storage system, and invested in 99 MW of industrial waste-to-energy projects, further reinforcing the Group’s domestic renewable portfolio.
- Advancements in digital ventures: GULF Group partnered with Google Asia Pacific to develop a sovereign cloud platform with high data security. Additionally, Gulf Binance successfully launched Thailand’s digital asset exchange under the Binance TH platform.
- Gas-fired power plant operations: The GPD gas-fired power project began commercial operations of its first two units, adding 1,325 MW of operating power capacity to GULF’s portfolio.
- Overseas projects operations: The DIPWP gas-fired power project in Oman (326 MW) and the MKW wind farm in Vietnam (128 MW) both achieved full commercial operation.
- International investments: GULF expanded its international presence by acquiring a 49.0% equity stake in the Jackson gas-fired power project in the USA (1,200 MW) and a 25.0% equity stake in the Outer Dowsing offshore wind farm in the UK (1,500 MW).
- Expansion into hydroelectric power projects: GULF expanded its renewable energy portfolio to include hydroelectric power in Lao PDR by acquiring a 20.0% equity stake in the LPCL project (1,460 MW) and signing PPAs with EGAT to develop the PLPC (770 MW) and PBCL (912 MW) projects.
- Domestic renewable energy projects: The Group signed PPAs to develop 870 MW of solar farms, 1,526 MW of solar farms with battery energy storage systems, and 20 MW of industrial waste-to-energy projects.
- 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.
