Seoul: SK Innovation Co., South Korea's leading refiner, announced that a consortium it formed with two Vietnamese companies has successfully secured a 3.3 trillion-won (US$2.3 billion) contract for a power plant and liquefied natural gas (LNG) terminal project in Vietnam. The consortium, which includes Vietnamese power producer PV Power and sugar manufacturer NASU, was awarded the project by the Nghe An provincial government in north-central Vietnam.

According to Yonhap News Agency, the agreement outlines the construction of a dedicated LNG port, an LNG terminal, and a 1.5-gigawatt combined-cycle gas-fired power plant in Nghe An, with completion aimed for 2030. Construction is scheduled to commence next year. SK Innovation is considering the possibility of shipping LNG to the Vietnamese terminal and utilizing it as a hub to supply fuel to power plants in adjacent regions.

A spokesperson for SK Innovation stated that the company intends to leverage this project to establish itself as a significant player in the LNG market, with a projected processing capacity of 10 million tons annually by 2030, an increase from the current 6 million tons.