South Korea’s GS Energy, VinaCapital to build Vietnam LNG-to-power project

South Korea’s GS Energy and investment firm VinaCapital will jointly build a 3,000-megawatt LNG-to-power project in Vietnam.

The project has a price tag of about $3 billion and will be located in the southern province of Long An.

GS Energy, a unit of South Korean conglomerate GS Group, says the Vietnamese government selected the firm to operate the LNG-to-power project, making it the first South Korean firm to lead such a project in Vietnam.

Furthermore, local media reports suggest the entire complex could start full commercial operations by 2027 as the partners would build the project in two stages. The first stage should be ready in 2025.

In addition, the Korean firm plans to sign a power purchase agreement with the state-run Vietnam Electricity Group.

GS Energy and VinaCapital signed an initial agreement back in 2019 to build the LNG power plant in order to meet Vietnam’s growing power demand, according to the Korean firm.

Most Popular

Cheniere plans to boost LNG export capacity to 100 mtpa

US LNG exporting giant Cheniere plans to boost its export capacity to about 100 mtpa via new expansion projects at its Sabine Pass and Corpus Christi LNG terminals.

KARMOL takes delivery of fourth FSRU

KARMOL, a joint venture of Turkiye's Karpowership and Japan's MOL, has taken delivery of its fourth floating storage and regasification unit in Singapore.

NYK LNG carrier rescues 11 people in Atlantic Ocean

A liquefied natural gas (LNG) carrier managed by a unit of Japan's shipping giant NYK rescued 11 Portuguese fishers in the Atlantic Ocean on June 22.

More News Like This

South Korean LNG terminal secures $815 million loan

South Korea's BS Hanyang and GS Energy have secured a 1.1 trillion won ($815 million) loan for their Northeast Asia LNG hub terminal in Yeosu.

GS E&C scores Korean LNG terminal gig

South Korea's GS Engineering & Construction has recently secured a contract from a joint venture consisting of Hanyang and...