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.

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