Vietnam’s LNG Projects Bolstered through Partnership with Korean Companies

July 2023

T&T Group, one of the biggest private enterprises in Vietnam, and South Korean companies Korea Gas Corporation (KOGAS) and SK E&S, have signed memorandums of understanding (MOUs) to collaborate on LNG and hydrogen projects in Vietnam. T&T Group and KOGAS will work together to develop LNG gas power projects, converting existing coal power projects to LNG gas power, while T&T Energy (a member of T&T Group) and SK E&S collaboration will focus on developing an LNG terminal and gas power plant in Vietnam.

T&T Group and KOGAS will also establish LNG cold chain businesses using refrigeration from LNG terminals across Vietnam. Additionally, they will engage in activities related to LNG procurement, importation, transportation, and supply for power generation and industrial purposes.

The Chairman of T&T Group’s Strategy Committee stated that the partnership would bring valuable resources and contribute to national energy security, reducing reliance on coal-fired power plants. Meanwhile, KOGAS’s General Director emphasized that the MOUs and energy projects would benefit both groups and support sustainable development in the two countries.

In 2022, the consortium consisting of T&T Group, KOGAS, KOSPO (Korea Southern Power Co., Ltd.), and HANWHA Group began the technical phase of the Hai Lang LNG Power Centre Project’s Phase I in the coastal province of Quang Tri. This project, with an investment of around USD 2.3 billion, is expected to commence commercial operations between 2026 and 2027.

These collaborations align with Vietnam’s long-term strategy and orientation in the recently approved Vietnam’s Power Development Plan (PDP8) which aims to develop 22,400 MW of LNG thermal power, accounting for 14.9% of the national power structure by 2030.

(Source: Vietnam News)



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