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Vietnam approves new $2.3 bln LNG project

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HANOI, Oct 8 (Reuters) - Vietnam on Friday approved a $2.3 billion liquefied natural gas power plant due to be co-developed by Vietnamese and South Korean companies and to start commercial operations in 2026-27.

The plant, which is based in the central province of Quang Tri, will have an initial capacity of 1,500 MW, the government said in a statement.

Vietnam's T&T group and South Korea's Korea Southern Power Corp, Hanwha Energy Corporation and Korea Gas Corporation are the project's developers, the statement added.

The country's demand for electricity is forecast to rise 10% annually in the coming years and its LNG imports will rise to 10 million tonnes by 2030 and 15 million tonnes by 2035.

Vietnam's industry minister has said the country will begin importing LNG from 2022. (Editing by Jason Neely)