South Korea's refiner SK Innovation has announced that its consortium, formed with two Vietnamese companies, has won a USD2.3bn thermal power plant and LNG terminal project in Vietnam (Yonhap News Agency, 19/02/2026). The consortium, comprising SK Innovation, Vietnamese power producer PV Power, and sugar manufacturer NASU, was selected by the Nghe An provincial government in north-central Vietnam, according to the company's press release.
Under the agreement, the consortium will build a dedicated LNG port, an LNG import terminal with 250,000 cubic meters of storage capacity, and a 1.5 GW combined-cycle gas-fired (CCGT) power plant in Nghe An by 2030, with construction beginning in 2027.
SK Innovation stated that it is considering shipping LNG to the Vietnamese terminal and operating it as a hub to supply fuel to power plants in neighbouring areas.
Vietnam is aiming to shift away from coal for power generation and has started importing LNG, with plans to increase LNG's share in power generation to 15% by 2030 (Enerdata Global Energy Research).
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