CP seeks to end high-speed train contract; SRT eyes own takeover of overlap

MGR Online•Economy•17d ago

Reader Briefing

Bangkok's high-speed rail project faces termination as CP cites lack of BOI approval, prompting SRT to consider taking over overlapping construction work.

•CP's Asia Era One has requested to terminate the high-speed rail contract due to an inability to secure Board of Investment (BOI) privileges.
•The SRT board has been informed of the termination request and is reviewing legal aspects.
•SRT is considering taking over the construction of the overlapping section of the Thai-Chinese high-speed rail (Contract 4-1) itself, estimated at 22 billion THB.
•The decision on contract termination and the takeover of work will be presented to the Eastern Economic Corridor (EEC) board in August.

Overview

•On July 6, 2026, Asia Era One Company Limited sent a letter to SRT requesting to exercise the right to terminate the joint investment contract for the high-speed train project, citing clause 6.2.
•The reason cited for termination is the inability to obtain Board of Investment (BOI) privileges.
•The SRT Board was informed of the request on July 9, 2026.
•SRT's legal team and legal subcommittee are reviewing the details of the termination request.
•A tripartite discussion between SRT, the Eastern Economic Corridor Office (EECO), and the private contractor was held on June 24, 2026, to address issues with the high-speed rail project.
•The SRT board expects to propose a resolution to the EEC board in August.
•SRT is considering taking over the construction of the Thai-Chinese high-speed rail Contract 4-1 (Bang Sue-Don Mueang) itself.
•The estimated construction cost for Contract 4-1 is 22,000 million THB, with 4,100 million THB for track laying and 18,000 million THB for foundation piles included in the high-speed rail contract.

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Key Quotes

Anan Phothinimdaeng

"On July 6, 2026, Asia Era One Company Limited (part of Charoen Pokphand Group or CP) sent a letter to SRT requesting to terminate the joint investment contract for the high-speed train project, citing clause 6.2. SRT informed the SRT Board on July 9, 2026."

เมื่อวันที่ 6 ก.ค. 2026 บริษัท เอเชีย เอราวัน จำกัด (ในเครือเจริญโภคภัณฑ์ หรือ ซี.พี.) ได้ส่งหนังสือถึง รฟท.แจ้งขอใช้สิทธิสิ้นสุดสัญญาร่วมลงทุน โครงการรถไฟความเร็วสูงเชื่อมสามสนามบิน (ดอนเมือง-สุวรรณภูมิ-อู่ตะเภา) ตามเงื่อนไขข้อ 6.2 ซึ่ง รฟท.ได้แจ้งต่อที่ประชุมคณะกรรมการ (บอร์ด) รฟท. ในวันที่ 9 ก.ค. 2026 แล้ว

Anan Phothinimdaeng

"The contract for the three-airport train specifies three grounds for termination: project expiry, termination under clause 6.2, or termination due to reasons specified in clause 30.2."

ตามสัญญารรถไฟเชื่อม3 สนามบิน ระบุเหตุแห่งการสิ้นสุดสัญญาร่วมลงทุน ไว้ 3 กรณี เมื่อเกิดกรณีใดกรณีหนึ่งดังต่อไปนี้ (1) เมื่อครบระยะเวลาของโครงการฯ (2) เมื่อมีการเลิกสัญญาร่วมลงทุนตามที่กำหนดไว้ในข้อ 6.2 หรือ (3) เมื่อมีการเลิกสัญญาร่วมลงทุน เพราะเหตุตามที่กำหนดไว้ในข้อ 30.2

Key Entities

Organization

SRT Board(บอร์ด รฟท.)ℹ️

The governing body of the State Railway of Thailand, which received a request from CP to terminate a contract.

CP(ซี.พี.)ℹ️

The conglomerate Charoen Pokphand Group, whose subsidiary Asia Era One is involved in the high-speed rail project termination.

EEC (Eastern Economic Corridor)(กพอ.)ℹ️

The Eastern Economic Corridor policy committee, which will review proposals regarding the high-speed rail project termination and work takeover.

State Railway of Thailand (SRT)(การรถไฟแห่งประเทศไทย)ℹ️

The state-owned railway enterprise that is a party to the high-speed rail joint investment contract.

Asia Era One Company Limited(บริษัท เอเชีย เอราวัน จำกัด)

The CP subsidiary that has requested to terminate the joint investment contract for the high-speed rail project.

Office of the Eastern Economic Corridor Policy Committee (EECO)(สำนักงานคณะกรรมการนโยบายเขตพัฒนาพิเศษภาคตะวันออก)ℹ️

The agency responsible for policy in the Eastern Economic Corridor, involved in discussions regarding the high-speed rail project.

BOI (Board of Investment)(บีโอไอ)ℹ️

The government agency responsible for investment promotion, whose privileges were not obtained by Asia Era One, leading to the contract termination request.

EEC Board(บอร์ดอีอีซี)ℹ️

The board overseeing the Eastern Economic Corridor, which will review the proposed actions for the high-speed rail project.

Cabinet(คณะรัฐมนตรี)ℹ️

The Thai government's cabinet, which will ultimately approve SRT's plan to undertake the construction of Contract 4-1.

Project Steering Committee(คณะกรรมการกำกับโครงการฯ)

A committee overseeing the project, which SRT is consulting to find a solution for the expiring Airport Rail Link MOU.

Project Management Committee(คณะกรรมการบริหารโครงการ)

A committee to which SRT will report conclusions regarding the Airport Rail Link MOU.

Contract Steering Committee(คณะกรรมการกำกับสัญญา)

A committee to which SRT will report conclusions regarding the Airport Rail Link MOU.

Person

Mr. Anan Phothinimdaeng(นายอนันต์ โพธิ์นิ่มแดง)

Governor of the State Railway of Thailand (SRT), who reported on CP's contract termination request and SRT's plans.

Mr. Piyapong Jivatanakhunpaisarn(นายปิยพงษ์ จิวัฒนกุลไพศาล)

The chairman of the SRT Board of Directors.

Law

MOU

Memorandum of Understanding between SRT and Asia Era One regarding Airport Rail Link operations, which is set to expire.