Electricity Generating Public Company Limited or EGCO Group announced the successful achievement of financial agreements for the Extension of Petroleum Pipeline System in Northeastern Project.
Mr. Thepparat Theppitak, EGCO Group’s President, disclosed, “On September 21, 2020 Thai Pipeline Network Company Limited (“TPN”), which EGCO owns 44.6% stakes, entered into the financial agreements with Bangkok Bank Public Company Limited and China Development Bank in the aggregate amount THB 7,800 million with 14-year tenure to fund the development and the construction of the extension of petroleum pipeline system to northeastern region project (“Project”).
The Project possesses a newly constructed 342.8-kilometer underground pipeline with an annual transport capacity of approximately 5,443 million liters, potentially increasing to 7,330 million liters in the future. As such, the Project connects the Thai Petroleum Pipeline Co., Ltd (“Thappline”) Terminal in Saraburi to TPN’s owned terminal with storage capacity of 142 million liters in Khon Kaen. Currently, the Project is under construction with the approximate progress upon completion of 48.11% and expected to start operation in the fourth quarter of 2021.
Photo Caption: Mr. Thepparat Theppitak, EGCO Group’s President (4th from left) jointly signed the financial agreements as one of the shareholders and project sponsors in the signing ceremony of the financial agreements for the extension of petroleum pipeline system in northeastern project (the route from Saraburi to Khon Kaen), held on 21 September 2020 at The Bangkok Club, Sathorn.