SEOUL -- Korea Gas Corp., a state energy company in South Korea, agreed with two domestic companies to push for an energy infrastructure project to build gas power stations and LNG terminals in Vietnam, which has stepped up the construction of power plants to ease its perennial energy shortfall.
Korea Gas Corp. (KOGAS) said Thursday that it agreed to form a consortium with Korea Southern Power, a power generation company, and Hanwha Energy. KOGAS will take charge of building and operating LNG terminals. Hanwha Energy is responsible for business development while Korea Southern Power will support the construction and operation of gas power plants.
For Hanwha Energy, a solar power and renewable energy development company, the consortium is meaningful as it can participate in gas power projects. "The pact is highly symbolic in that South Korea’s leading energy companies form the Korea Consortium based on their expertise to lay the groundwork for cooperation, thus exploring the global market," said Hanwha Energy CEO Jung In-sub.
Vietnam is actively attracting global energy companies into the buildup of energy infrastructure. PetroVietnam, a state-owned energy company, has announced plans to build LNG power terminals.
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