A consortium investing in the $2.3-billion, 1,500-MW Hai Lang LNG power project in the central province of Quang Tri is committed to beginning commercial operations in the fourth quarter of 2029.
The consortium, comprising South Korea's Hanwha Energy, Korea Gas (Kogas) and Korea Southern Power (Kospo) and Vietnam’s T&T Group, made the commitment at a Thursday meeting with provincial authorities.
The group said it plans to complete and seek feasibility study approval in Q1/2024, wrap up power purchase agreement (PPA) negotiations in Q4/2024, sign loan deals in Q1/2025, and sign an EPC (engineering, procurement and construction) contract in Q1/2026.
The 184.93-hectare project features 130 hectares of water surface and 54.93 hectares of land area. But some areas do not match the current plans of the Dong Nam Quang Tri Economic Zone, the investors said.
They urged Quang Tri authorities to update the plan with details of the Hai Lang LNG project to help it move forward. They also proposed that the authorities seek the Ministry of Industry and Trade’s guidelines on PPA negotiations and a transmission line to connect the project to the national grid.
Quang Tri Vice Chairman Ha Sy Dong asked relevant agencies to update the economic zone’s plans and complete site clearance for the project in Q1/2024.
The consortium had broken ground for the first phase of the $2.3-billion LNG power complex in January 2022, but little progress has been made since.