GS Energy will invest 3.5 trillion won to build and operate a 3 GW LNG combined thermal power plant in Long An, southern Vietnam.
GS Energy announced on March 22 that it has been selected as the company to build and operate a 3 GW LNG combined thermal power plant in Long An, southern Vietnam. Senior Vietnamese government officials including Prime Minister Nguyen Xuan Phuc attended an event held the previous day to announce the project operator.
GS Group is currently the No. 1 private power generation company in Korea with a total capacity of 5.7 GW. In November 2019, the group formed a strategic partnership with Vina Capital, Vietnam’s largest asset management company to promote LNG power generation projects in Vietnam. GS Energy will invest 3.5 trillion won to build the Long An LNG power plant.
The power generation capacity of the planned thermal power plant equals that of three nuclear power plants put together. GS Energy will build two 1.5 GW LNG power plants. The two will be completed in 2026 and 2027, respectively. GS Energy will operate them for 25 years. The electricity produced by the plants will be sold to Vietnam Electric Power Corp.
GS Energy is planning to implement a gas to power project, which encompasses the entire process of power generation from LNG transportation and LNG storage and operation of vaporization facilities.
GS Group is planning to start its energy business in Southeast Asia by using this Vietnam project as a bridgehead. It previously participated in a UAE land oil mining project in 2015, securing the largest crude production volume in terms of a single project in the history of Korea’s oil field development. It succeeded in developing exploration mines in the UAE in 2019.