February 19, 2026 [The Korea Herald]- SK Innovation has been selected to develop a $2.3 billion liquefied natural gas power project in Vietnam, marking a significant step in its global LNG business push, the South Korean refiner announced Thursday.

Authorities in Nghe An Province selected a consortium comprising SK Innovation, Vietnam’s state-run Petrovietnam Power Corporation and local firm Nghe An Sugar to develop the Quynh Lap LNG-to-power project, the company said.

The project is located in Nghe An, about 220 kilometers south of Hanoi. It includes the construction of a 1,500-megawatt gas-fired combined cycle power plant, an LNG terminal with storage capacity of 250,000 cubic meters, and a dedicated LNG import port.

SK Innovation plans to start construction of the power plant and the terminal next year, with completion targeted for 2030. The company also plans to expand the LNG terminal into a regional hub that can supply gas to neighboring power plants, which could improve efficiency and secure a stable energy supply.

SK Innovation was selected following a competitive bidding process. Companies from South Korea, Japan and Qatar passed preliminary review in the first round in 2024, with the final selection among the shortlisted candidates carried out last month.

SK Innovation said the project is part of a long-term strategy developed with the Vietnamese government over the past four years to support the country’s industrialization while achieving carbon neutrality goals. Under the plan, the company aims to initially supply power using LNG and transition to carbon-free energy sources over time, helping resolve the country’s power shortage and industrial growth.

The project is also closely linked to SK Group’s “specialized energy-industry cluster” model, which combines power infrastructure with high-value sectors such as artificial intelligence data centers and logistics facilities to foster regional economic growth and create jobs.

SK Group Chair Chey Tae-won introduced the concept during a visit to Vietnam last year, where he met with the country’s top leader To Lam, and outlined plans to integrate energy supply with industrial development.

Choo Hyeong-wook, CEO of SK Innovation, also visited Vietnam multiple times to meet senior officials and highlight the company’s capabilities and commitment to contributing to the country’s economic development.

SK Innovation said it aims to expand its global LNG capacity annually, from about 6 million tons to 10 million tons by 2030.

“The selection demonstrates that SK’s LNG value chain competitiveness is globally recognized,” a company official said. “We will work closely with Nghe An province to help address Vietnam’s power shortages and contribute to regional economic development.