SK Innovation has been selected to lead a landmark LNG power project in Vietnam, marking a significant step in the company’s global energy strategy. The project, valued at approximately USD 2.3bn (about KRW 3.3 trillion), will be developed in Nghe An Province, located in north-central Vietnam.
The consortium, comprising SK Innovation, PV Power (PetroVietnam Power Corporation, a subsidiary of Vietnam’s state-run PetroVietnam group), and Vietnamese company NASU, has been designated by the government of Nghe An Province as the project developer for the Quynh Lap LNG Power Project. This initiative will establish a 1,500MW combined cycle gas power plant, a 250,000m³ LNG terminal, and a dedicated port in the Quynh Lap region, approximately 220 km south of Hanoi. Construction is scheduled to begin in 2027 and be completed by 2030.
SK Innovation’s participation brings together its proven expertise in LNG power generation and its global LNG value chain, complementing the local strengths of its Vietnamese partners. This collaborative approach is expected to deliver optimal synergy and contribute to the region’s long-term energy and industrial development.
The Quynh Lap LNG Power Project attracted interest from leading global companies, with participants from Korea, Japan, and Qatar advancing through the initial bidding and preliminary evaluation in 2024. The final project developer selection was conducted among these shortlisted firms in January 2026.