Hanoi The parties jointly develop a series of LNG and hydrogen projects, contributing to the transition from coal to gas power in Vietnam.
The Memorandum of Understanding between T&T Group and Korea Gas Corporation (KOGAS) was signed on June 23, within the framework of the Vietnam - Korea Business Forum. According to the agreement, the two parties will jointly develop projects using LNG cold storage from port warehouses in Vietnam, and operate LNG cold storage chains nationwide. Both parties will participate in other business activities related to LNG (purchase, import, transportation and supply for power generation or other industrial purposes).
In addition, T&T Group and Korea Gas Corporation (KOGAS) will explore opportunities to participate in hydrogen production, meeting the needs of commercially operating power projects or other power projects, in line with the long-term orientation and strategy in the recently approved Power Plan VIII.
Ms. Nguyen Thi Thanh Binh - Deputy General Director of T&T Group (third from left) and Ms. Choi Yeon Hye - General Director of KOGAS (fourth from left) exchanged the memorandum of cooperation. Photo: T&T
Mr. Do Quang Hien - Chairman of T&T Group's Strategy Committee said that the exploitation and use of domestic fossil energy sources combined with imports will contribute to realizing the goal of gradually reducing the proportion of coal-fired thermal power, prioritizing the development of domestic gas-fired power. Along with that is the development of LNG gas power sources with appropriate scale in accordance with the spirit of Power Plan VIII.
LNG (Liquefied Natural Gas) is natural gas that is liquefied when cooled to minus 162 degrees Celsius, after removing impurities. LNG is used similarly to dry gas to meet the gas needs of power plants, industrial households, urban areas or fuel for operating means of transport (ships, trains, heavy trucks) to reduce environmental pollution.
Cooperating with KOGAS - the exclusive wholesaler of natural gas in Korea and the world's largest LNG importer today will bring T&T Group experience, techniques, technology, finance... From there, the group can implement LNG and hydrogen projects in Vietnam, contributing to ensuring national energy security, providing enough electricity to meet socio-economic development goals.
According to Ms. Choi Yeon Hye - General Director of KOGAS, the cooperation between the two units not only brings bilateral development but also contributes to the sustainable development goals of the two countries.
Representatives of the two units signed a cooperation agreement. Photo: T&T
Also within the framework of the forum, T&T Energy (a member of T&T Group) and SK E&S - an energy company under SK Group (Korea) signed a memorandum of understanding on cooperation in the field of LNG electricity.
The two companies will cooperate to develop an LNG terminal and gas-fired power plant in accordance with development orientations and legal regulations. Under the agreement, SK E&S will be responsible for finding financial resources to support project implementation.
As the world moves towards carbon neutrality, LNG plays an important role in ensuring energy supply, reducing air pollution and supporting Vietnam’s future energy transition. According to the Power Plan VIII, which was approved in May, Vietnam aims to develop 22,400 MW of LNG thermal power by 2023, equivalent to 14.9% of the national power structure.
Previously, in early 2022, the investor consortium including T&T Group, KOGAS, KOSPO and HANWHA (Korea) officially started the technical component of the Hai Lang LNG Power Center Project Phase 1 - 1,500 MW. The total investment capital is nearly VND 54,000 billion in Quang Tri province. According to the plan, the project will be commercially operated in 2026-2027.
KOGAS was established by the Korean Government in 1983. The company has extensive experience in investing, constructing and operating LNG terminals. Currently, the company is operating 6 LNG gas production plants and 72 storage tanks with a total capacity of 11.7 million m3 worldwide.
SK E&S is an energy company under SK Group - a large private conglomerate in Korea, currently owning an ecosystem of 304 subsidiaries and development branches operating in many fields such as chemicals, semiconductors, telecommunications, biotechnology. SK E&S is building the largest LNG value chain in Korea and participating in the next-generation energy business in the hydrogen industry. The unit establishes a green investment portfolio including renewable energy, energy solutions and environmentally friendly LNG.
Minh Tu
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