GS Energy to operate $3 bln LNG power project in Vietnam from 2029

South Korea's GS Energy aims to operate the 3,000 MW Long An 1 and Long An 2 LNG-to-power project, with an investment of $3.13 billion, from 2029.

A GS Energy delegation made the statement at a Wednesday meeting with Vietnamese Deputy Minister of Industry and Trade Nguyen Hoang Long.

The project is located in the Mekong Delta province of Long An. Its feasibility study is being checked for approval by the Ministry of Industry and Trade, while the power purchase agreement (PPA) is under negotiation with state utility EVN.

GS Energy is preparing to sign agreements with EVN for power transmission and PVGas for pipeline operations.

GS Energy aims to “basically” complete the PPA in 2025, kick off the construction in 2026, and put the project into operation from 2029.

In reply, Long said the ministry would support GS Energy in deploying the project, which is among the biggest power projects in Vietnam.

In March 2021, Long An province granted an investment certificate to VinaCapital GS Energy Pte.Ltd, established by VinaCapital, one of the largest investment management companies in Vietnam, and GS Energy, the energy unit of South Korean chaebol GS Group.

The project is Vietnam’s first approved conversion from coal-fired to LNG-fuelled, and is included in the country's Power Development Plan VIII (PDP VIII).

In April 2024, Long An authorities approved implementation plans for the Long An 1 and Long An 2 LNG-to-power plants, aiming for commercial operations from June 2028 and June 2031, respectively.

In August 2024, Long An province announced a delay in the operation schedule of the Long An 1, towards beginning operations in 2029-2030.

In October 2024, Vietnamese firm Dongtam Group, the investor of Long An International Port where the project is located, said the site clearance for the project is completed.