On May 18, a consortium formed by SK Innovation, Vietnam's state-owned power company PV Power (Petro Vietnam Power), and local partner NASU (under the TH Group) held a groundbreaking ceremony for the Quynh Lap LNG project in the Tan Mai area of Nghe An Province.
The event was attended by SK Innovation CEO Chu Hyung-wook, Doan Minh Huan, head of the Ho Chi Minh National Academy of Politics, Deputy Prime Minister Le Tien Chau, and other senior officials from the Vietnamese central government, as well as local government representatives including Nguyen Khac Thanh, Secretary of Nghe An Province, and Bo Chong Hai, Chairman of the People's Committee.
More than 300 attendees included key figures from the consortium, such as Hoang Van Quang, Chairman of PV Power, Le Nu Linh, President, Thai Thi Huong, Chairwoman of the TH Group, and Ngo Van Thu, President of NASU.
The Quynh Lap LNG project is a large-scale energy initiative that will construct a 1.5 GW LNG combined cycle power plant and an LNG terminal in the Quynh Lap area, located about 220 kilometers south of Hanoi. The total project cost is estimated at $2.3 billion, with commercial operations expected to commence by December 2030.
This project is significant as it represents the realization of the Specialized Energy-Industrial Cluster (SEIC) model proposed by the SK Group to the Vietnamese government, going beyond mere electricity production. The plan includes supplying power generated by the plant to nearby advanced industrial complexes and establishing AI data centers, thereby supporting the industrial advancement of Vietnam.
Industry experts believe that the rising demand for power from AI data centers, driven by global tech giants, combined with the Vietnamese government's policies to foster advanced industries, will enhance the local business expansion potential for the SK Group.
Notably, SK Group Chairman Chey Tae-won played a crucial role in the project's success. He and the group's executives engaged in multiple meetings with Vietnam's top leadership, including the General Secretary, President, and Prime Minister, to lay the groundwork for this significant investment.
Bo Chong Hai, Chairman of the Nghe An People's Committee, stated in his commemorative speech, "This project is important not only for the Nghe An government but also for the energy strategy of the Vietnamese government. The local government will do its utmost to support the central government in meeting the commercial operation timeline."
In his address, Chu Hyung-wook emphasized that the groundbreaking of this infrastructure is a historic first step toward alleviating Vietnam's power shortages and creating an advanced industrial ecosystem. He pledged to work closely with partners like PV Power and NASU to achieve the project's goal of commencing commercial operations by 2030.
Meanwhile, SK Innovation aims to leverage the Quynh Lap project as a stepping stone to become a major electricity provider with substantial generation capacity in Vietnam.
* This article has been translated by AI.
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