Gulf Development Pcl Revives Gas Power Projects in Vietnam

Gulf Development Pcl is reviving plans for large-scale gas-fired power projects in Vietnam to capitalize on the country's rapid economic growth and increasing electricity demand. Founder and CEO Sarath Ratanavadi announced the move during the Gastech 2026 industry gathering in Bangkok, noting that Vietnam's pursuit of 10% economic growth has strained its power grid and caused blackouts in 2023.

The company is revisiting a 2019 agreement with the Vietnamese government to study the development of an LNG terminal and a 6,000-megawatt gas-fired plant in Ninh Thuan province. This effort is part of a broader expansion strategy that includes exploring renewable energy investments in Europe.

Additionally, the company plans to invest up to 140 billion baht ($4.2 billion) through 2030, focusing on renewable energy and digital infrastructure. Gulf aims to add 2,000 megawatts of data-center capacity over the next five years to support AI and cloud computing through partnerships with Google, Microsoft Corp., and Singapore Telecommunications Ltd.