Prime Minister visits exhibition of investment projects in Vietnam by SK Group – Photo: VGP/Nhat Bac
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On the afternoon of March 8, in Canberra, Australia, Prime Minister Pham Minh Chinh had a meeting with the leaders of SK Group from South Korea to listen to the proposal for the implementation of new technology projects for green hydrogen production and CO2 storage.
SK is one of the largest conglomerates in South Korea and is currently one of the major investors in mergers and acquisitions (M&A) deals in Vietnam.
At this meeting, the National Director of SK in Australia introduced Prime Minister Pham Minh Chinh to the LNG carbon-neutral value chain with cross-border projects being implemented in many countries (South Korea, Australia, Timor Leste).
These projects use natural gas to produce green hydrogen, with the key point being the use of depleted gas fields as permanent storage for CO2 emissions during the production process. SK asserts that this project chain can generate clean energy as it captures 98% of the emitted gases.
SK’s leadership stated that the corporation considers Vietnam as its second homeland and wishes to apply the aforementioned model in Vietnam. The ongoing project chain by SK requires the participation of 3 countries, but with Vietnam’s advantages, it can be fully implemented only in Vietnam.
Expressing great interest in SK’s proposal and affirming that hydrogen is currently a priority area for Vietnam, the Prime Minister requested further information on the LNG extraction cost of the project chain in Australia.
After listening to SK’s presentation, the Prime Minister appreciated the cost and suggested that SK work with the Ministry of Planning and Investment and relevant agencies to carry out the necessary tasks to promote project preparation in accordance with regulations. The agencies will then proceed with the required procedures according to their roles, responsibilities, and delegated powers.
The Prime Minister also welcomed SK’s long-term cooperation with the Vietnam National Oil and Gas Group (PVN) as a partner with good capacity and extensive experience in this field, while promoting healthy competition with other partners.
