Another big player eyes US$2.1 billion LNG project in Nghe An
A new liquified natural gas (LNG) power plant project set to be developed on 210-360ha of land in Quynh Lap commune of central Nghe An province has attracted interest from major players in the energy sector.
Part of a national plan to increase LNG thermal power capacity to 22,400MW by 2030, the Quynh Lap LNG power plant is among 14 priority projects for investment.
The project is estimated to cost around US$2.15 billion, with a planned capacity of 1,500MW and commercial operation expected before 2030.
It will include an LNG power plant, gas storage, a receiving port, a breakwater and supporting infrastructure. LNG demand is projected at 1.15 million tonnes per year, with the receiving port capable of handling ships up to 100,000 deadweight tonnage (DWT).
On April 15, a delegation from SK Group, a Korean conglomerate, visited Nghe An to explore investment opportunities. SK Group introduced their industrial development plans, including energy and high-tech clusters in the North Central region, and expressed interest in the Quynh Lap LNG project if it receives investment approval.
SK Group is a major player with a market capitalisation of nearly US$200 billion, ranking second in the Republic of Korea and listed among the top 100 global conglomerates. In Vietnam, SK Group has invested in companies such as Vingroup, Masan and Imexpharm, and is focusing on expanding into clean energy, pharmaceuticals, logistics and information technology.
Nghe An’s Vice Chairman Phung Thanh Vinh highlighted the province’s high electricity demand and its preparation to support the Quynh Lap LNG project. The local government is committed to creating the most favourable conditions for investors.
By late 2024, several domestic and international investors had shown interest in the project, including joint ventures like PV Power, Nghe An Sugar, SK E&S, Sumitomo Group and others, with varying land and water usage requirements.
Nghe An's authorities have set up a taskforce to oversee and address any challenges in the development of the Quynh Lap LNG thermal power plant, ensuring smooth implementation of the project.
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