Another big player eyes $2.1 billion LNG project in Nghệ An

Another big player eyes $2.1 billion LNG project in Nghệ An

A delegation from SK Group visited Nghệ An to explore investment opportunities, including energy and high-tech clusters, and expressed interest in the Quỳnh Lập LNG project upon investment approval.

Vice Chairman of SK Innovation E&S Young Wook Yoo spoke at a meeting with Nghệ An Province's leaders on April 15. — Photo baonghean.vn

A new liquified natural gas (LNG) power plant project is set to be developed on 210-360ha of land in Quỳnh Lập Commune, Hoàng Mai Town, Nghệ 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 Quỳnh Lập 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 South Korean conglomerate, visited Nghệ 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 Quỳnh Lập LNG project if it receives investment approval.

Vice Chairman of SK Innovation E&S Young Wook Yoo spoke at a meeting with Nghệ An Province's leaders on April 15. — Photo baonghean.vn

SK Group is a major player with a market capitalisation of nearly $200 billion, ranking second in South Korea and listed among the top 100 global conglomerates. In Việt Nam, 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.

Nghệ An’s Vice Chairman Phùng Thành Vinh highlighted the province’s high electricity demand and its preparation to support the Quỳnh Lập 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, Nghệ An Sugar, SK E&S, Sumitomo Group and others, with varying land and water usage requirements.

Nghệ An's authorities have set up a task force to oversee and address any challenges in the development of the Quỳnh Lập LNG thermal power plant, ensuring smooth implementation of the project. 

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