SK Innovation secures major Vietnam LNG project

SK Innovation said Wednesday it has been selected as the developer of a liquefied natural gas power project in Vietnam valued at about $2.3 billion.

The project, known as the Quynh Lap LNG power plant, was awarded by the government of Nghe An province to a consortium comprising SK Innovation, PV Power, a power generation subsidiary of state-run PetroVietnam, and local firm NASU. The large-scale infrastructure undertaking calls for the simultaneous construction of a 1,500-megawatt combined-cycle gas power plant, a 250,000-cubic-meter LNG terminal and a dedicated port in the Quynh Lap area of Nghe An province, about 220 kilometers south of Hanoi. Construction is set to begin in 2027, with completion targeted for 2030.

SK Innovation said the selection represents the first overseas application of a fully integrated LNG value chain model developed by a South Korean private company. The company said it proposed a comprehensive business framework that goes beyond building a power plant or trading LNG, leveraging its global LNG portfolio to transport fuel to the Vietnamese terminal and supply it directly to the power facility.


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