SK Innovation announced on the 19th that a consortium formed with PV Power, a power generation company under Vietnam Oil and Gas Group (PVN), and NASU, a local company, held a groundbreaking ceremony on the 18th for the infrastructure of the “Quynh Lap Liquefied Natural Gas (LNG) Project” in the Tan Mai area of Nghe An Province, Vietnam.

The total project cost is USD 2.3 billion (approximately KRW 3.3 trillion). The project involves constructing a 1.5GW LNG combined-cycle power plant and an LNG terminal in the Quynh Lap district of Nghe An Province, located about 220km south of Hanoi. The goal is to begin commercial operation in December 2030. Around 300 key figures from both countries, including SK Innovation CEO Chu Hyoung-wook and Vietnamese Deputy Prime Minister Le Tien Chau, attended the groundbreaking ceremony.

SK Innovation plans to apply its “Specialized Energy-Industrial Cluster (SEIC)” model to this project. Under this model, electricity generated by the power plant will be supplied to nearby advanced industrial complexes and artificial intelligence (AI) data centers. The intention is to go beyond simple power supply and support the development of an advanced industrial ecosystem in Vietnam. To this end, top management including SK Group Chairman Chey Tae-won has held multiple meetings with Vietnam’s top leadership to lay the foundation for the project.

At the event, CEO Chu stated, “This groundbreaking is a cornerstone for resolving Vietnam’s power shortage and creating an advanced industrial ecosystem,” adding, “We will work closely with our partners to achieve the goal of commencing commercial operation in 2030.”

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