This is one of the 14 LNG-fired power projects in the list of important power source projects that the electricity industry prioritizes for investment until 2030. The goal is to reach a total LNG-fired power capacity of 22,400 MW nationwide. With an estimated investment of approximately $2.15 billion, the project is expected to have a capacity of 1,500 MW and be commercially operational by 2030.
The LNG Quynh Lap Power Plant project will be located in Dong Minh and Dong Thanh villages, Quynh Lap commune, Hoang Mai town, Nghe An province, covering an area of about 210 – 360 hectares. The investment scope includes the construction of an LNG-fired power plant, gas storage facilities, a receiving port, a wave-breaking levee, and auxiliary works. The project’s LNG demand is estimated at 1.15 million tons per year, and the receiving port can accommodate vessels of up to 100,000 DWT.
On April 15, a delegation from SK Group (South Korea) visited Nghe An province to explore investment and business opportunities. During their meeting with the provincial leaders, the SK Group representatives introduced a project to support industrial development in Vietnam through the establishment of Industrial-Energy Complexes (SEIC) in potential areas. In the North Central region, the group plans to invest in an AI/High-tech Industrial-Energy Complex. They also presented their proposed implementation plan for the LNG Quynh Lap Power Plant project, pending investment approval.
SK Group is a diversified conglomerate with a market capitalization of nearly $200 billion, ranking second in South Korea and among the top 100 largest corporations globally. They have a presence in various industries, including chemical, telecommunications, oil and gas, and energy. In Vietnam, SK Group has invested in companies such as Vingroup, Masan, and Imexpharm, as well as an environmentally friendly biodegradable material production project. The group is now expanding its investments in areas of expertise, including energy (especially clean energy sources like LNG, wind, and solar, with a future focus on hydrogen), pharmaceuticals and healthcare, logistics, and information technology.
At the meeting, Mr. Phung Thanh Vinh, Vice Chairman of the Provincial People’s Committee of Nghe An, highly appreciated the proposals put forward by SK Group. Nghe An is one of the largest power consumers in the country, and the province has been preparing the necessary conditions for the implementation of the LNG Quynh Lap Power Plant project. The Vice Chairman also assured the group of the province’s commitment to creating favorable conditions for investors. He designated the Department of Industry and Trade as the focal point for providing information to SK Group.
According to the provincial authorities, several domestic and foreign investors have expressed interest in this project by the end of 2024, including well-known companies and consortia. The competitive landscape for this significant project demonstrates the potential for collaboration and the attractiveness of investment opportunities in Vietnam’s energy sector.
In relation to this project, the People’s Committee of Nghe An province has recently issued a decision on the regulations for the operation of a task force for the LNG Quynh Lap Power Plant project. Mr. Le Hong Vinh, Chairman of the People’s Committee of Nghe An province, will lead this task force to direct, inspect, and facilitate the resolution of any difficulties and obstacles during the project’s implementation.
