Potential investors are being invited to consider the third-phase development of the Map Ta Phut deep sea port in Rayong, according to the Industrial Estate Authority of Thailand (IEAT).
The authority plans to announce the project's terms of reference to interested bidders by the end of the year.
The superstructure project involves the construction of a dock for ships to load and unload liquid products, including petrochemicals.
The new dock will be designed to have a capacity of 4 million tonnes per year at a cost of 4.3 billion baht.
Veeris Ammarapala, governor of the IEAT, expects to sign a contract with an investor by October 2022.
Construction is scheduled to start in 2024, with the start of operations pencilled in for 2026.
"Prospective investors are interested in investing in the third-phase development of Map Ta Phut deep sea port in Rayong," Mr Veeris said, after IEAT recently organised a webinar to gather the opinions of business people about such development projects.
Rayong, together with Chon Buri and Chachoengsao, come under the government's Eastern Economic Corridor scheme, which aims to build a new high-tech industrial hub in Thailand.
The third-phase development of Map Ta Phut deep sea port has a total investment value of 55 billion baht.
Under the Public Private Partnership (PPP) contract, the government invests 11-12 billion baht, making up 30% of the development, while the private sector will cover the remaining 70% investment.
Gulf and PTT Group jointly set up Gulf MTP LNG Terminal Co, which won a bid for the third-phase development of Map Ta Phut deep sea port.
Mr Veeris said the government had issued a notice to proceed letter to the Gulf MTP LNG Terminal Co to start construction, which includes reclamation, dredging watercourses and building embankments against sea waves.
The construction began on July 1.
The port expansion, which is needed as current facilities have reached their full capacity, will go ahead as planned although concerns have been voiced over the pandemic's impact on the project, according to the IEAT.
The IEAT was required to organise a meeting amongst villagers living near the area to publicise the project, but the plan has come at a time when the Covid-19 situation remains volatile.