South Korean energy company SK Innovation has been selected to lead a major liquefied natural gas power project in Vietnam, representing a significant milestone in its global energy expansion.
The USD 2.3 billion project will be developed in Nghe An Province, roughly 220 km south of Hanoi. SK Innovation will lead the consortium alongside PV Power, a subsidiary of Vietnam’s state-owned PetroVietnam, and local firm NASU. Together, they have been designated by provincial authorities as the developer of the Quynh Lap LNG power project. The development includes a 1,500 MW combined cycle gas power plant, a 250,000 cubic meter LNG terminal, and a dedicated port facility. Construction is scheduled to begin in 2027 and wrap up by 2030.
The project drew interest from major energy players across South Korea, Japan, and Qatar, with the final developer selection completed in January 2026. SK Innovation’s selection reflects its integrated LNG value chain model, which involves transporting LNG directly from its global portfolio to the terminal and using it as fuel for the plant. The company says this approach improves fuel supply stability and helps manage exposure to global market volatility.
Beyond power generation, SK Innovation is considering expanding the LNG terminal into a regional supply hub for nearby plants. The company is also applying its Specialized Energy-Industry Cluster model, which aims to attract high-value industries such as AI data centers and logistics hubs near the power facility, supporting job creation and broader economic development in the region.
SK Innovation has stated its ambition to grow its global LNG portfolio to 10 million tons annually by 2030. This project marks the first overseas deployment of its integrated LNG value chain model.
(Source: LNG Industry)
