Joint Venture Established for $2.2 Billion LNG Power Project in Vietnam

PV Power (HoSE: POW), a subsidiary of Petrovietnam, has partnered with South Korea's SK Innovation and Nghe An Sugar Limited Liability Company (NASU) to create Quynh Lap LNG Power JSC. This new entity, established on September 14, has a charter capital of VND1.57 trillion ($60.29 million) and will focus on electricity generation from gas-fired thermal power.

PV Power holds a 51% stake in the joint venture, contributing over VND800.6 billion ($30.77 million), while SK Innovation owns 34% with an investment of nearly VND533.8 billion ($20.51 million). NASU retains the remaining 15% after investing approximately VND235.5 billion ($9.05 million).

The Quynh Lap LNG power project is designed to have a capacity of 1,500 MW and is a key component of Vietnam's Power Development Plan VIII. The project will cover about 60 hectares of land and 100 hectares of sea area, featuring an LNG storage and regasification system, along with a dedicated port at the Dong Hoi port area.

Construction on the technical infrastructure for the Quynh Lap project commenced on May 18, 2026, with the plant expected to be operational between 2026 and 2030. The government views this project as essential for enhancing national energy security and supporting local development plans.

Source: The Investor. Read the full article.