Gulf Development

Gulf Development (Thai: กัลฟ์ ดีเวลลอปเมนท์) it is a public limited company in the form of a Holding company, engaged in three main business groups: energy business, infrastructure and utilities business, and digital business.

Gulf Development

Company type	public
Traded as	SET: GULF
Founded	April 1, 2025; 6 months ago (2025-04-01)
Headquarters	87 M Thai Tower Building, All Seasons Place, 11th Floor, Witthayu Road, Lumphini Subdistrict, Pathumwan, Bangkok 10330

Gulf was incorporated as Gulf Energy Development Public Company Limited on August 19, 2011, expanding its business from Gulf Electric Company Limited (now Generating Electric Public Company Limited) and Gulf Holding Company Limited (now Land and Property Development Company Limited) and listed on the Stock Exchange of Thailand in 2017. Then in 2021, invested in Intouch Holdings Public Company Limited before merging into Gulf Development on April 1, 2025.

Gulf has Gulf VTP Co., Ltd. as its core company and also has other subsidiaries such as Gulf MP Co., Ltd., Independent Power Development Co., Ltd. and Gulf Solar Co., Ltd. There is also a Japanese joint venture company called Gulf JP Co., Ltd. If all subsidiaries are combined, there are 28 power plant projects with a total installed power generation capacity of 11,215.6 megawatts, making it the third largest power producer in the country (as of 2018).^[1]

History

Gulf Electric and Gulf Holdings

Gulf Energy Development has its origins since 1990 when the government of General Chatichai Choonhavan at that time had a policy to reform the energy industry by changing from the original Electricity Generating Authority of Thailand that would build power plants and distribute all electricity by itself to opening up for the private sector to participate in bidding to build power plants for EGAT to purchase electricity from both large independent power producers and small power producers so that the public would have sufficient electricity at a low cost to the government.^[2]

Defamation lawsuit against Natthaphong Ruengpanyawut

In August 2025, Gulf Energy Development filed a 300 million Baht defamation lawsuit against Natthaphong Ruengpanyawut, Leader of the Opposition People's Party, and two Members of parliament, Woraphop Viriyaroj and Supachot Chaiyasat.^[3][4][5]

The lawsuit stemmed from the People's Party's criticism of the Thai government's energy purchases, noting that there is a lack of transparency in how the purchases work and no bidding process.^[3][6] The People's Party subsequently petitioned the National Anti-Corruption Commission (NACC) to investigate government purchases of energy from the Prayut Chan-O-Cha administration to the current Paetongtarn Shinawatra administration.^[3][5]

Gulf Energy Development is seeking 100 million baht worth of civil damages from each defendant.^[3][5]

Natthaphong's preliminary hearing is scheduled for 25 August 2025.^[4]