SK Innovation Proposes $2B LNG-to-Power Project in Vietnam by 2030
SK Innovation Co., Ltd., a South Korean firm, has proposed a significant LNG-to-power project in Thanh Hoa Province, Vietnam. The project, valued at 2 billion USD, has received in-principle approval and is slated for commercial operation by 2030, aligning with the Adjusted National Power Development Plan VIII.
The project, planned for the Nghi Son area, includes a 1,500 MW power plant and connections to the Quynh Lap LNG port in Nghe An Province. Vice Chairman of Thanh Hoa, Mai Xuan Liem, welcomed the proposal, assuring provincial support. SK Group is also exploring similar projects in Ninh Thuan province.
SK Innovation now proposes integrating the Nghi Son project with the Quynh Lap LNG power project in Nghe An, forming the Quynh Lap-Nghi Son LNG power cluster to share infrastructure. This integration is expected to reduce investment costs by approximately $700 million. The proposed plant will have a capacity of 1,500 MW and an investment of over VND51,500 billion ($1.95 billion). Over its lifetime, the project is anticipated to contribute nearly VND80,000 billion ($3.03 billion) to the state budget.
Thanh Hoa will establish a task force to work with the investor and relevant agencies to resolve obstacles and accelerate project preparations. The project, classified as a nationally significant, prioritized power source, is expected to boost Vietnam's power sector and contribute significantly to the state budget.
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