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T&T Group to develop LNG and hydrogen projects with Korean companies

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LNG Industry,

Within the framework of the Vietnam-Korea Business Forum, in the presence of the Minister of Planning and Investment of Vietnam and the Minister of Trade, Industry and Energy of Korea, T&T Group and Korean partners recently signed and awarded a memorandum of understanding to co-operate to develop LNG and hydrogen projects in Vietnam.

Specifically, T&T Group and Korea Gas Corporation (KOGAS) will co-operate to develop LNG gas power projects in Vietnam, and convert coal power projects already in the Power Plan VIII to gas power. The two sides will also explore opportunities to participate in hydrogen production projects to meet the high potential demand of power projects in commercial operation. Other power projects will be developed and built and operate in the near future, in line with the orientation and long-term strategy of the Government of Vietnam in the recently approved Power Master Plan VIII.

T&T Group and KOGAS will jointly develop projects using LNG refrigeration from LNG terminals in Vietnam and operate a LNG cold chain business nation-wide; they will also engage in other business activities related to LNG (procurement, importation, transportation, and supply of LNG for power generation and other industrial purposes).

Do Quang Hien, Chairman of the Strategy Committee of T&T Group, said that the efficient exploitation and use of domestic fossil energy sources combined with imports will contribute to realising the goal of gradually reducing the rate of fossil fuels and focus on coal-fired power, give priority to domestic gas power development, and develop LNG gas power sources with appropriate scale in accordance with the spirit of Power Planning VIII.

“The co-operation with KOGAS – the exclusive natural gas wholesaler in Korea and the largest LNG importer in the world today – will bring T&T Group valuable resources in terms of experience, technology, and technology. technology, finance, etc. to implement LNG projects in Vietnam, thereby contributing to ensuring national energy security and providing enough electricity to meet socio-economic development goals,” said Hien.

According to Choi Yeon Hye, General Director of KOGAS, this co-operation memorandum in particular not only bring about development for the two corporations, but also contributes to the sustainable development of the two countries.

Previously, at the beginning of 2022, the investor complex including T&T Group, KOGAS, KOSPO, and HANWHA (Korea) officially kicked off the technical component of Hai Lang LNG Power Center Project Phase I – 1500 MW. with a total investment of nearly VND 54 000 billion in Quang Tri province. According to the plan, the project will come into commercial operation in 2026 – 2027.

Also within the framework of the Vietnam-Korea Business Forum, T&T Energy – a member of T&T Group, and SK E&S – an energy company of SK Group (Korea), signed a memorandum of understanding on co-operation in LNG power sector.

Accordingly, T&T Energy and SK E&S will co-operate to develop LNG terminals and gas power plants in accordance with Vietnam's development orientation and legal regulations. Under the agreement, SK E&S will be the unit responsible for finding financial resources to support the project implementation.

The co-operation of T&T Group with two leading Korean enterprises not only aims to realise the investment and trade co-operation between the two Vietnamese - Korean governments in the field of energy; but also contribute to further strengthen the friendly relations between the two countries.

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