GS Energy, a unit of energy and retail conglomerate GS Group, said Nov. 28 it has partnered with a Vietnamese asset management firm to build a power plant fired by liquefied natural gas there to tap into the local electricity market.

The company has signed an initial agreement with VinaCapital Investment to build a 3 gigawatt LNG-fired combined cycle power plant and sell electricity generated at the plant to the state-run Vietnam Electricity Group, the company said in a statement.

GS Energy and VinaCapital have yet to discuss details about the LNG project, a company spokesman said. The cost and other details were not immediately available.

By Ram Garikipati and newswires (ram@heraldcorp.com)