The Nghe An provincial government approved the investment policy and selected the consortium as the investor of the proposed project.
SK Innovation announced in a statement on Thursday that it has been selected as the project operator for the LNG power generation project in Vietnam, valued at approximately $2.3 billion (about 3.3 trillion won).
This project is a large-scale infrastructure development that includes constructing a 1,500 MW gas-fired combined-cycle power plant, a 250,000-cbm LNG tank, and a dedicated port in the Quan Lap area of Nghe An Province, located 220 km south of Hanoi.
According to SK Innovation, the goal is to commence construction in 2027 and complete the terminal and power plant by 2030.
The project is expected to achieve optimal synergy by leveraging SK’s operational experience in LNG power generation and its global LNG value chain capabilities, including directly owned gas fields in North America and Australia, while ensuring project stability through collaboration with partners possessing deep understanding of the local power generation market, it said.
SK Innovation said it is also considering expanding the Quynh Lap LNG terminal into a hub terminal after its construction, supplying gas to nearby power plants and other facilities.
Utilizing the hub terminal is expected to enhance operational efficiency, shorten project timelines, and ensure timely energy supply.
This approach aligns with Vietnam’s power development plan, which prioritizes integrated energy infrastructure and regional industrial growth, SK Innovation said.
Vietnam’s LNG terminals
PV Power launched commercial operations at its Nhon Trach 3 and 4 LNG power plants in December last year.
Vietnam’s first LNG power plants have a total capacity of 1.6 GW.
These facilities are being supplied from the PV Gas-operated Thi Vai LNG import facility, Vietnam’s first LNG import terminal.
This facility has a capacity of 1 mtpa, but PV Gas plans to boost the capacity to 3 mtpa.
In addition, Nebula Energy’s AG&P LNG and Vietnam’s Hai Linh received the first commissioning cargo last year at their Cai Mep LNG import terminal in Vietnam.
The Cai Mep facility is Vietnam’s second LNG import facility, adding to the PetroVietnam Gas-operated Thi Vai LNG terminal in Ba Ria-Vung Tau province.
The terminal has a capacity of 3 mtpa, expandable to 6 mtpa.
