SK Innovation invests $2.3 billion; Vietnam energy project officially breaks ground

South Korean refining giant SK Innovation officially announced on Tuesday that construction has fully commenced on its large-scale energy infrastructure project in Vietnam. The total investment for the project amounts to 3.3 trillion KRW, approximately 2.3 billion USD, and primarily encompasses two core projects: a gas-fired power plant and an LNG liquefied natural gas terminal.

According to an official announcement released by the company, this project is not being undertaken independently by SK Innovation; rather, it involves partnering with two local Vietnamese enterprises to form a joint operating body for co-development. The groundbreaking ceremony was successfully held in Nghe An Province, Vietnam, a location situated about 220 kilometers south of Hanoi and possessing prominent locational advantages.

It is reported that this joint consortium is composed of PV Power, a leading local Vietnamese power company, and NASU, a local sugar enterprise. As early as February this year, the consortium successfully secured the project development and construction rights from the Nghe An Provincial Government in north-central Vietnam, completing all preliminary preparatory work.

According to the overall project plan, the consortium will build integrated energy support facilities throughout Nghe An Province, including a dedicated LNG port, a standardized liquefied natural gas terminal, and a gas-fired combined cycle power station with an installed capacity of 1.5 GW. The project construction cycle is proceeding steadily, with overall commercial operation expected to officially commence in December 2030. Upon completion, it will significantly improve the clean energy supply system in central Vietnam and further enhance local power supply capabilities.