Vietnam's Petrovietnam Technical Services Corporation (PTSC) and Singapore's Sembcorp Utilities Pte Ltd (Sembcorp) secured a crucial licence on August 29 to advance its offshore renewable energy project in Vietnam, with ambitions to export clean energy to Singapore.
Simultaneously, Sembcorp received a Letter of Intent from Singapore's Ministry of Trade and Industry, endorsing this collaborative endeavour. This marks a significant step for the PTSC-Sembcorp alliance in their offshore renewable energy project with a focus on exporting clean energy to Singapore.
The partnership reflects the ongoing 50th-anniversary celebration of diplomatic ties and the 10-year strategic partnership milestone between Vietnam and Singapore.
With the procurement of this survey licence, PTSC stands as the first and sole investor in Vietnam to be green lit by the Ministry of Natural Resources and Environment to execute marine resource observation, investigation, and evaluation activities for offshore wind power development.
The consortium intends to conduct wind measurements and marine surveys in areas off the coast of Ba Ria - Vung Tau province, collecting essential data for project development and investment. In February this year, PTSC and Sembcorp signed a Joint Development Agreement in Singapore. The pact established their investment partnership to export energy from offshore renewables in Vietnam to Singapore.
Under the accord, the two entities will exclusively invest in producing approximately 2.3GW of power from offshore renewables in Vietnam. This electricity will then be exported to Singapore via underwater high-voltage cables to cater to Singapore's clean electricity demand from 2030.
The licensing for PTSC-Sembcorp dovetails with both countries' aspirations to forge a green-digital economic partnership. It aligns with the Vietnamese government's Power Development Plan VIII, targeting 6GW of offshore wind power by 2030. Moreover, it accentuates Vietnam's COP26 commitment to achieving net-zero emissions by 2050.
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