A consortium of South Korea’s SK Innovation, PetroVietnam Power Corporation (PV Power), a subsidiary of Vietnam’s state-run PetroVietnam group, and Vietnamese company NASU has been selected as the project developer for Vietnam’s largest LNG power project.
Valued at approximately $2.3 billion, the Quynh Lap LNG Power Project will be developed in Nghe An Province, in north-central Vietnam, and will see the establishment of a 1.5 GW gas-fired power plant, a 250,000 m3 LNG terminal, and a dedicated port in the Quynh Lap region, approximately 220 kilometers south of Hanoi.
The consortium, designated by the government of Nghe An Province as the project developer, will combine SK Innovation’s expertise in LNG power generation and its global LNG value chain with the local strengths of the Vietnamese partners.
“This project demonstrates the strength of international collaboration and the competitiveness of SK’s integrated LNG value chain. By working closely with the Nghe An provincial government and our partners, we look forward to contributing to Vietnam’s energy development and regional prosperity,” an SK Innovation spokesperson said.
The South Korean company said it was considering expanding the LNG terminal into a regional hub, supplying gas to nearby power plants, which would enhance project efficiency, ensure timely energy supply, and support the integrated growth of energy infrastructure and industry, in line with Vietnam’s national development plans.
Construction of the project is scheduled to begin in 2027 and be completed by 2030.