SK Innovation Breaks Ground on KRW 3.3 Trillion LNG Project in Vietnam

Groundbreaking Ceremony with PV Power and NASU
Commercial Operation Targeted for 2030

SK Innovation announced on the 18th that it held the implementation announcement and groundbreaking ceremony for the 'Quynh Lap LNG Project,' a joint initiative with Vietnam's state-owned power company PV Power (Petro Vietnam Power) and local partner NASU (a subsidiary of Vietnam's TH Group), in the Tan Mai area of Nghệ An Province. The event was attended by approximately 300 people, including SK Innovation CEO Chu Hyungwook, central and local government officials from Vietnam, and key members of the consortium.

Chu Hyungwook, CEO of SK Innovation, is delivering a congratulatory speech at the groundbreaking ceremony for the "Quynh Lap LNG Project Technical Infrastructure" held on the 18th (local time) in Tan Mai district, Nghe An province, Vietnam. SK Innovation

The Quynh Lap LNG Project involves constructing a 1.5GW LNG combined-cycle power plant and an LNG terminal in the Quynh Lap district of Nghệ An Province, located about 220 kilometers south of Hanoi, Vietnam. The total project cost is approximately USD 2.3 billion (around KRW 3.3 trillion). The goal is to begin commercial operations in December 2030.

A key feature of this project is the application of the 'Specialized Energy-Industrial Cluster (SEIC)' model, which supplies electricity produced at the power plant to nearby industrial complexes and artificial intelligence (AI) data centers. Through this initiative, SK Group aims to support the development of an advanced industrial ecosystem and the industrial advancement of Vietnam.

SK Group has been strengthening its collaboration with the Vietnamese government, laying the groundwork for this project's launch. In particular, SK Group Chairman Chey Tae-won proposed the SEIC model during meetings with Vietnam's key leadership and has actively pursued broader local cooperation, including support for the National Innovation Center (NIC) of Vietnam.

Vo Trong Hai, Chairman of the Nghệ An Provincial People's Committee, stated, "This project is an important initiative not only for Nghệ An Province but also for the Vietnamese government's energy strategy," and added, "We will actively support the project so that it can commence commercial operation as scheduled."

Chu Hyungwook, CEO of SK Innovation, remarked, "This groundbreaking marks the first step towards resolving Vietnam's electricity shortages and creating an advanced industrial ecosystem," and continued, "We will work closely with our partners, including PV Power and NASU, to achieve the commercial operation target for 2030." Before the groundbreaking ceremony, the consortium also delivered donations and care packages to local residents.

With this project, SK Innovation plans to expand its electricity business capabilities in Vietnam and ultimately grow into a global electricity provider by integrating LNG, energy storage systems (ESS), renewable energy, and small modular reactors (SMR) in the future.

This content was produced with the assistance of AI translation services.