CP-linked firm reaffirms high-speed rail exit bid, may halt Airport Rail Link on September 30

A CP-linked company has reaffirmed its intention to exercise its right to end the public-private partnership for Thailand’s three-airport high-speed rail project, raising the possibility that it will stop operating the Airport Rail Link on September 30.

Deputy Transport Minister Siripong Angkasakulkiat said Asia Era One Co Ltd had sent a second letter to the State Railway of Thailand (SRT), maintaining its request to exercise its right to terminate the partnership contract.

Asia Era One is the SRT’s private partner in the proposed high-speed railway connecting Don Mueang, Suvarnabhumi and U-Tapao airports.

The company had previously notified the SRT that it wanted to preserve its right to terminate the agreement if the parties could not reach a deal on proposed contractual changes. The SRT subsequently asked the company to withdraw that notice and continue negotiations.

Asia Era One’s latest response, however, confirms for a second time that it intends to retain its termination claim.

The dispute centres on the private partner’s proposal to change the state’s payment structure from payment after the entire project is completed to payments made according to construction progress.

Siripong said such a change would be difficult to implement under the original contractual framework.

Asia Era One’s request covers all rights and obligations under the partnership, including both the three-airport high-speed railway and its operation of the Airport Rail Link.

According to Siripong, the company has indicated that it may stop operating the Airport Rail Link when the current arrangement expires on September 30, 2026.

The dispute follows an earlier request by the CP-linked company to end the three-airport high-speed rail agreement.

Siripong stressed that the private partner could not terminate the contract unilaterally under the applicable legal framework.

He said termination could occur under four circumstances:

Both parties mutually agree to end the contract

• Termination occurs by implication under the agreement
• A court orders the contract to be terminated
• The government exercises its right to terminate it
• The current situation does not yet meet any of those conditions, he said.

The deputy minister has instructed the SRT to meet Asia Era One on Thursday, August 27, to seek a solution, with maintaining uninterrupted Airport Rail Link services identified as the most urgent issue.

The government considers allowing Asia Era One to continue operating the service to be the best option for passengers. However, the SRT is preparing alternatives should the company refuse.

SRT Electrified Train Co Ltd, the state-owned company that previously operated the Airport Rail Link, is prepared to resume operations. The authorities could also consider appointing another private operator.

Officials must reach a decision quickly enough to prevent any disruption to the rail service, which connects central Bangkok with Suvarnabhumi Airport.

The talks will also cover construction sections shared with other railway projects that the SRT could take back from the private partner while negotiations over the principal contract remain unresolved.

These include the overlapping Bang Sue–Don Mueang section under Contract 4-1 of the Thai–Chinese high-speed railway and work connected to the Red Line “Missing Link” between Bang Sue and Hua Lamphong around Ramathibodi Hospital station.

Having the SRT undertake the overlapping work itself would reduce Asia Era One’s investment obligations and could help create a path for the main high-speed rail agreement to continue.

Siripong said the government’s negotiations demonstrated that it had explored the available options, including changes to the payment arrangement and solutions for overlapping construction work.

The proposed options will ultimately be submitted to the Eastern Economic Corridor Policy Committee for a policy-level decision.