This marks the province's third major project after the Nghi Sơn Oil Refinery and Petrochemical Complex and the Nghi Sơn thermal power plant.

The project, spread across 68 hectares, will include a 1,500MW LNG power plant, an LNG import port, and a 1km-long wave barrier, along with supporting infrastructure for the port.

Located in Hải Hà commune, Nghi Sơn town, the project is expected to have a total investment capital of over VNĐ58 trillion (US$2.4 billion), with a 50-year implementation period and commercial operation slated before 2030.

The Management Board of Nghi Sơn Economic Zone and Industrial Parks has received investment proposals from five investors, including a joint venture between JERA Co Inc and Sovico Group, a consortium of Korea Southern Power Company (KOSPO), Korea Gas Corporation (KOGAS), Daewoo Engineering & Construction Group (Daewoo E&C) and Anh Phát Construction and Trading Investment JSC (APT), Gulf Energy Development Public Co Ltd, SK E&s Co Ltd, and a joint venture between Vietnam Oil and Gas Power Corporation (PV POWER) and T&T Group JSC (T&T Group).

In accordance with Decree No. 31/2021/NĐ-CP, the IP’s Management Board issued an announcement on December 1, 2023, to approve the investment policy and select the investor among these five investors by the second quarter of 2024.

At a recent conference on the investment policy for the LNG Nghi Sơn thermal power plant project, Đỗ Trọng Hưng, Secretary of Thanh Hóa Provincial Party Committee, assured that the project procedures will be stringent, ensuring compliance with legal regulations, and that the bidding process will be conducted fairly, publicly and transparently. — VNS