Petrovietnam, Vietnam's largest energy company, is expanding the participation of South Korean firms in local energy projects, focusing on liquefied natural gas (LNG) power generation and nuclear energy. SK Innovation has become an equity investor in a 1,500MW LNG project, while Korea Electric Power Corporation (Kepco) and domestic nuclear-related institutions are accelerating efforts to develop the workforce needed for the Ninh Thuận nuclear project.
According to local media reports on September 20, Petrovietnam's power subsidiary, PV Power, has established a joint venture named Quỳnh Lập LNG Power with SK Innovation and others to develop the Quỳnh Lập LNG thermal power plant. The joint venture has a capital of 15.699 trillion dong (approximately $832 million), with PV Power holding a 51% stake, SK Innovation 34%, and Nghệ An Sugar (NASU) 15%.
The Quỳnh Lập LNG project is a large-scale gas power initiative jointly pursued by South Korean and Vietnamese companies. The plant, located in the Tân Mai area of Nghệ An province, will have a capacity of 1,500MW and a total project cost of about 60 trillion dong (approximately $3.18 billion). The project includes not only power generation facilities but also an LNG storage and regasification facility with a capacity of about 250,000 cubic meters and a dedicated port in Nghệ An.
The joint venture held its first shareholders' meeting on September 18, where it began organizing for project advancement. Nguyễn Thị Hương, vice president of PV Power, was appointed as the chair of the board, and shareholders discussed key tasks to support future project execution. Construction of the power plant infrastructure began on May 18, and local authorities in Nghệ An reviewed the project schedule with investors on September 17, discussing solutions to issues arising during land preparation.
SK Innovation's involvement is noteworthy as it marks a significant direct investment in energy cooperation between Petrovietnam and South Korean private companies. Following its merger with SK E&S in November 2024, SK Innovation will operate in oil, gas, chemicals, LNG, power, and battery sectors, participating in LNG infrastructure development through its 34% stake in this project.
Additionally, the scope of cooperation between South Korea and Petrovietnam is broadening into the nuclear sector. PV College, a subsidiary of Petrovietnam, recently discussed workforce development plans for nuclear technology with a South Korean delegation that included representatives from Kepco and other nuclear-related institutions. This discussion was part of a preliminary feasibility study for an Official Development Assistance (ODA) project aimed at establishing a Korean-style nuclear workforce training center.
The nuclear workforce development initiative focuses on securing operational and maintenance personnel for Vietnam's power plants. Both sides discussed curriculum and textbook development, simulation systems, practical equipment setup, instructor training, and securing technical personnel for nuclear sites. The South Korean side proposed a program where domestic experts would conduct training in Vietnam, while key Vietnamese instructors would receive training in South Korea.
The project aims to conduct research and implementation from 2027 to 2030. The South Korean delegation will assess the demand for nuclear personnel by job category, the current state of educational facilities and equipment, and the potential for utilizing existing infrastructure at PV College, ultimately detailing investment methods, educational programs, and workforce training schedules.
The background for this workforce development cooperation is the revival of the Ninh Thuận nuclear project, which Petrovietnam has been designated as the project owner. Reports indicate that land preparation for the project site is approximately 97.5% complete. The Ninh Thuận nuclear project consists of two reactors, each planned to have a capacity of 2,000 to 3,200MW, with operational targets set for 2031 to 2035.
The nuclear cooperation between Petrovietnam and Kepco has already been formalized. The two companies signed a memorandum of understanding for cooperation in the nuclear sector in April, and on September 8, executives from Petrovietnam and Kepco met to discuss the progress of the Ninh Thuận 2 nuclear project and collaboration strategies. During this meeting, Kepco also shared its experience from the Barakah nuclear project in the United Arab Emirates.
In Vietnam's electricity expansion strategy, LNG and nuclear power are positioned as complementary pillars for different timeframes. LNG power generation is being promoted as a mid-term energy source to reduce reliance on coal-fired power while ensuring stable electricity supply, while nuclear power is being reactivated as a means to secure long-term baseload power and achieve decarbonization goals beyond the 2030s.
Meanwhile, Petrovietnam is becoming a key link in both LNG and nuclear projects. In the LNG sector, its subsidiary PV Power has established a joint venture with SK Innovation to construct the power plant, while in the nuclear sector, the headquarters and PV College are preparing projects and securing personnel in collaboration with Kepco and other South Korean nuclear institutions. A structure is forming where South Korean private energy companies and public enterprises are participating in Vietnam's mid-term LNG and long-term nuclear projects centered around Petrovietnam.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.