On November 20, POSCO INTERNATIONAL reaffirmed its commitment to the Quynh Lap ‘LNG to Power’ project during a meeting in Hanoi with Vietnam’s Ministry of Industry and Trade (MOIT) and the Ministry of Planning and Investment (MPI).
The ‘LNG to Power’ project integrates LNG with electricity by connecting the LNG supply process to power generation. POSCO INTERNATIONAL has been developing a comprehensive value chain in Quynh Lap1, encompassing LNG supply, terminal operations, and power generation, with the project entering its full-scale development phase last year.
On April 1, 2024, the Vietnamese government officially included the Quynh Lap ‘LNG to Power’ project in the PDP8 Implementation Plan, solidifying the project’s status as a key national power initiative.
On the 20th, POSCO INTERNATIONAL shared the project’s development history, strategic direction, and future plans during the meeting with MOIT. Deputy Minister Nguyen Hoang Long expressed deep interest in POSCO INTERNATIONAL’s strong commitment in investment, emphasizing the Vietnamese government’s support for foreign investment in energy infrastructure. He highlighted the significant role that LNG-based power plants would play in Vietnam’s efforts to diversify energy sources and promote environmentally sustainable energy policies, expressing confidence in the success of the Quynh Lap project.
At the meeting with the Ministry of Planning and Investment (MPI), Deputy Minister Nguyen Thi Bich Ngoc highly praised the investment activities of Korean companies in Vietnam. Specifically noting the ongoing investments and contributions of major Korean corporations, including the POSCO Group, to Vietnam’s economic development, she expressed the ministry’s commitment to creating opportunities to further strengthen the strategic partnership between the two countries.
Kim Dae-Yeon, Head of Power Business Development Division at POSCO INTERNATIONAL, expressed gratitude for the Vietnamese government’s interest and support for Korean enterprises, and reiterated the company’s dedication to stabilizing Vietnam’s energy supply and advancing eco-friendly energy solutions through the Quynh Lap ‘LNG to Power’ project.
Meanwhile, Nghe An Province plans to finalize investment policies by 2025, followed by a competitive bidding process to select investors and the implementation of the project. Leveraging its expertise in the LNG value chain, POSCO INTERNATIONAL aims to enhance its competitiveness and secure project rights. Through this initiative, the company seeks to solidify its position as a global energy leader, contributing to the energy transition and sustainable economic growth.
- A project development area located in Nghe An Province in north-central Vietnam. ↩︎
