South Korean refiner SK Innovation announced on Thursday that a consortium it formed with two Vietnamese companies has won a project valued at 3.3 trillion won (approximately $2.3 billion) to build a power plant and a liquefied natural gas (LNG) terminal in Vietnam.

In a press release, the company stated that the consortium, comprising SK Innovation, Vietnamese power producer PV Power, and sugar manufacturer NASU, was awarded the project by the government of Nghe An province in north-central Vietnam.

Under the agreement, the consortium will construct a dedicated LNG port, an LNG terminal, and a 1.5-gigawatt combined-cycle gas-fired power plant in Nghe An province by 2030, with construction scheduled to commence next year.

SK Innovation indicated it is considering transporting LNG to the terminal in Vietnam and utilizing it as a hub to supply fuel for power plants in the surrounding region.

A spokesperson for the company said, "Through this project, the company plans to become a major LNG enterprise with an annual processing capacity of 10 million tons by 2030, compared to the current capacity of 6 million tons per year."