![Rendering of the Quynh Lap LNG power project in Nghe An province, Vietnam. [Photo=SK Innovation]](https://image.ajunews.com/content/image/2026/02/19/20260219104908751488.png)
According to industry officials on Thursday, a consortium formed by SK Innovation and SK Innovation E&S with PV Power, a power-generation unit under Vietnam’s state-owned oil and gas group PVN, and Vietnamese company NASU was chosen by the government of Nghe An province as the developer of the Quynh Lap LNG power project.
The project will build, in the Quynh Lap area of Nghe An province about 220 kilometers south of Hanoi, a 1,500-megawatt combined-cycle gas power plant, a 250,000-cubic-meter LNG terminal and a dedicated port.
SK Innovation said it will carry out the project with PV Power and NASU, aiming to start construction in 2027 and complete the terminal and power plant in 2030.
The initial tender in 2024 drew major global companies from South Korea, Japan and Qatar that passed a preliminary review. The developer selection process then proceeded in January for those that cleared the screening.
SK said it is also considering expanding the LNG terminal into a hub that supplies gas to nearby power plants. The company said using the terminal as a hub would improve efficiency, shorten the project timeline and help ensure timely energy supply, aligning with Vietnam’s power development plan focused on integrated energy infrastructure and regional industrial growth.
Vietnam, facing chronic power shortages amid rapid industrialization and population growth, relies heavily on coal and hydropower. SK Innovation proposed meeting near-term electricity demand with LNG and pursuing a longer-term shift to carbon-free power sources, a plan it said matches the Vietnamese government’s direction for stable, low-carbon energy supply.
SK Group Chairman Chey Tae-won visited Vietnam in February last year and met with General Secretary Lam. At the time, a plan was also discussed to support high value-added industries near the LNG plant by leveraging SK Group capabilities in areas such as AI and semiconductors, described as an “energy-industry cluster” model aimed at contributing to Vietnam’s economic growth and stable energy supply.
SK Innovation said the selection is its first case of applying overseas the LNG value-chain model it completed as the first private company in South Korea. The company said it plans to use the Quynh Lap project as a foothold to expand the proven model across Vietnam.
“This selection is a major achievement that proves SK’s unmatched LNG value-chain competitiveness works in the global market,” an SK Innovation official said. “Working with the Nghe An provincial government, we will help address Vietnam’s power shortages while also supporting regional economic development.”
* This article has been translated by AI.
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