A
consortium headed by SK Innovation has secured the right to develop
the Quynh Lap liquefied natural gas (LNG) power project in Nghe An
Province, Vietnam.
The South
Korean firm announced on February 19 that it has partnered with
PetroVietnam Power, an affiliate of PetroVietnam, along with local
company NASU to deliver the scheme.
As
reported by Korea Joongang Daily, the project involves
constructing a 1,500-megawatt combined-cycle gas-fired power plant,
an LNG storage terminal with a capacity of 250,000 cubic metres
(8.8mn cubic feet), and a dedicated port facility in Quynh
Lap.
Also, the
total investment is estimated at approximately $2.3bn. Construction
is expected to begin in 2027, with completion of both the terminal
and power station targeted for 2030.
The
development forms part of SK Group’s broader Special Energy and
Industrial Cluster strategy. This initiative aims to ensure a
reliable electricity supply from LNG facilities while fostering
adjacent industrial hubs that leverage the group’s capabilities in
sectors such as artificial intelligence and
semiconductors.
The
proposal was first introduced by SK Group Chairman Chey Tae-won
during a meeting with To Lam, General Secretary of the Communist
Party of Vietnam, in February 2025 during the chairman’s visit to
the country. Discussions continued when the Vietnamese leader
travelled to South Korea in August the same year.
A
spokesperson for SK Innovation said the selection highlights the
company’s strong competitiveness across the LNG value chain in the
international market. The consortium plans to work closely with the
Nghe An provincial authorities to help address Vietnam’s power
supply constraints while contributing to regional economic
growth.
The
original report was written in Korean, translated into English with
the assistance of AI tools, and subsequently reviewed and edited by
newsroom staff.
© 2026 bne IntelliNews, source Magazine
