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SK Innovation-led consortium wins right to Vietnam LNG power project development

Published: 19 Feb. 2026, 17:27 Updated: 19 Feb. 2026, 19:52

Prime Minister Kim Min-seok, center, SK Group Chairman Chey Tae-won, left, and Vietnamese Communist Party General Secretary To Lam meet to discuss cooperation at the Korea-Vietnam Business Forum in August 2025. [YONHAP]

An SK Innovation-led consortium won the right to develop the Quynh Lap liquefied natural gas (LNG) power project in Vietnam’s Nghe An Province.

SK Innovation revealed on Thursday that it formed the consortium with PetroVietnam's power-generating affiliate PetroVietnam Power and local partner NASU.

Under the project, the consortium will build a 1,500-megawatt combined-cycle gas power plant, an LNG terminal with an area of 250,000 cubic meters (8.8 million cubic feet) and a dedicated port in Quynh Lap. Total investment is estimated at $2.3 billion. The consortium aims to break ground in 2027 and complete the terminal and power plant in 2030.

The project also serves as a key pillar of SK Group's Special Energy and Industrial Cluster strategy, which seeks to supply stable power from LNG plants and build nearby industrial clusters that draw on the group's strengths in areas such as artificial intelligence and semiconductors.

SK Group Chairman Chey Tae-won proposed the initiative to To Lam, the general secretary of the Communist Party of Vietnam, during his visit to Vietnam in February 2025. The two sides discussed the topic again when the general secretary visited Korea in August 2025.

“The selection shows SK’s unrivaled LNG value chain competitiveness resonates in the global market,” said an SK Innovation representative. “We will work with the Nghe An provincial government to help ease Vietnam’s power shortage while supporting local economic development.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KO SUK-HYUN [[email protected]]