The Petrovietnam Technical Services Corporation (PTSC) and its Singaporean partner Sembcorp Utilities Pte Ltd will be carrying out the steps related to a project on developing offshore renewable energy in Vietnam and exporting clean electricity to Singapore.
To this end, the firms have been granted a survey licence and a letter of content in the presence of Prime Ministers Phạm Minh Chính and Lee Hsien Loong, at a conference held in Hà Nội ,recently to promote investment cooperation projects between the two countries.
PTSC, a member of the Vietnam Oil and Gas Group (Petrovietnam) was handed over a decision approving the monitoring, investigation, surveying, and assessment of marine resources by the Vietnamese Ministry of Natural Resources and Environment (MoNRE). Meanwhile, the Singaporean Ministry of Trade and Industry presented a letter of intent approving this project to Sembcorp.
With this, the two enterprises will be moving towards initiating the steps in their offshore renewable energy project in Vietnam to export clean electricity to Singapore.
With this licence, PTSC is currently the first and only investor in Vietnam to have been permitted by the MoNRE to monitor, investigate, survey, and assess marine resources to develop offshore wind power, said the firm in a statement.
In February 2023, PTSC and Sembcorp signed a joint development agreement on the cooperation in investing in and exporting renewable electricity produced offshore Vietnam to the city state. It is expected that the project will turn out some 2.3 GW of power and export to Singapore through a submarine cable system to meet the country’s clean electricity demand from 2030.
