Petrovietnam seeks sea survey license in August for electricity export to Singapore
State-owned oil and gas group Petrovietnam wants authorities to grant a sea survey license to its technical arm PTSC this month for an offshore wind power project that will export electricity to Singapore.
Petrovietnam CEO Le Manh Hung made the request at a Friday meeting with Deputy Minister of Natural Resources and Environment Le Minh Ngan.
In February, PTSC and Sembcorp Utilities, under Singaporen conglomerate Sembcorp Industries, signed an agreement on supplying electricity directly to Singapore via undersea cable from a 2.3-GW offshore wind power project.
PTSC proposed a sea survey of an area of 99,322 hectares, offshore the southern province of Ba Ria-Vung Tau. In particular, it suggested that the sea survey license be granted before the scheduled August 27-29 Vietnam visit of Singaporean Prime Minister Lee Hsien Loong as part of events commemorating 50 years of Vietnam-Singapore partnership.
PTSC CEO Le Manh Cuong (right), Petrovietnam CEO Le Manh Hung (center) at a meeting with the Ministry of Natural Resources and Environment in Hanoi, August 11, 2023. Photo courtesy of Petrotimes newspaper.
Supporting the request, Deputy Minister Le Minh Ngan asked relevant agencies to cooperate with other ministries and agencies to draft and submit a report to the Prime Minister.
An offshore wind power project normally takes at least five-seven years to reach commercial operation. If the authorities provide suitable legal support and permit an early survey and use of waters for electricity exports, PTSC is looking at commercial operation starting in 2030, said PTSC CEO Le Manh Cuong.
Due to problems in arranging capital for traditional electricity projects, prices of traditional power will keep rising. The demand for green energy will grow rapidly and not just businesses, countries like Singapore are willing to pay fairly for such energy, Cuong added in an interview with the government portal in February.
PTSC is a top-tier contractor for oil-gas and offshore projects in Vietnam. In May, it signed a contract to build offshore wind farm foundations for Orsted, becoming the first Vietnamese business to receive a mass order for offshore wind power equipment.
- Related News
- Read More
Over 64% of Japanese firms in Vietnam expect profit in 2024: Jetro survey
Up to 64.1% of Japanese companies in Vietnam expected to make profits in 2024, up 9.8 percentage points from the previous year, according to a survey by the Japan External Trade Organization (Jetro).
Economy - Wed, January 22, 2025 | 12:15 pm GMT+7
Carlsberg to up central Vietnam factory to 600 mln liters per year
Carlsberg is seeking permission to raise the capacity of its Hue factory in central Vietnam from 360 million to 600 million liters, or up 67%.
Companies - Wed, January 22, 2025 | 10:32 am GMT+7
Thai council urges ASEAN unity in US trade talks
The National Economic and Social Development Council (NESDC) of Thailand has recommended that Thailand collaborate with other ASEAN nations to negotiate trade agreements with the US to avoid high import tariffs and penalties.
Southeast Asia - Wed, January 22, 2025 | 9:35 am GMT+7
Coffee, non-alcoholic beverages generate 83 mln in 2024 net revenue for Vietnam instant coffee major
Vinacafé Bien Hoa, Vietnam's leading instant coffee maker, earned VND16 (0.06 U.S. cents) in gross profit for every VND100 ($0.4) of net revenue from coffee and non-alcoholic beverage sales, down 2% year-on-year.
Companies - Wed, January 22, 2025 | 9:31 am GMT+7
Indonesia welcomes WTO ruling on EU curbs on palm oil biofuel
Indonesia has welcomed a recent ruling by the World Trade Organisation (WTO), which found that the European Union (EU) discriminated against Indonesian palm oil-based biofuel, giving it unfair and detrimental treatment, in setting biofuel regulations, according to Coordinating Minister for Economic Affairs Airlangga Hartarto.
Southeast Asia - Wed, January 22, 2025 | 8:40 am GMT+7
Malaysia, EU resume FTA negotiations
President of the European Commission (EC) Ursula von der Leyen and Malaysian Prime Minister Anwar Ibrahim on Monday announced the resumption of an ambitious, modern, and balanced EU-Malaysia free trade agreement (FTA).
Southeast Asia - Wed, January 22, 2025 | 8:29 am GMT+7
Indonesia launches 37 energy projects
Indonesian President Prabowo Subianto kicked off 37 strategic projects related to the construction of power plants on Monday as the country is on track to achieve energy self-sufficiency.
Southeast Asia - Tue, January 21, 2025 | 10:02 pm GMT+7
Indonesia optimistic about ending fuel imports in five years
Indonesian President Prabowo Subianto is optimistic that Indonesia can halt fuel imports within five years, aligning with the government's goal of achieving energy self-sufficiency.
Southeast Asia - Tue, January 21, 2025 | 10:00 pm GMT+7
Thailand eyes cryptocurrency to boost economy
Thai Prime Minister Paetongtarn Shinawatra has announced the government’s decision to allow the use of payment products and services through digital assets in storage areas in Phuket, a popular island destination in the country.
Southeast Asia - Tue, January 21, 2025 | 9:59 pm GMT+7
Indonesia launches international carbon trading platform
Indonesia on Monday launched its first international carbon trading platform, contributing to promoting the country’s climate and sustainable development goals.
Southeast Asia - Tue, January 21, 2025 | 9:58 pm GMT+7
Indonesia to tender new oil & gas blocks, reduce LPG imports
Indonesia aims to tender all 60 oil and gas working areas by 2027 to increase oil lifting and support energy security, said its Energy and Mineral Resources Minister Bahlil Lahadalia.
Southeast Asia - Tue, January 21, 2025 | 9:56 pm GMT+7
Vietnam's leading private lender Techcombank books record profit in 2024
Techcombank, a major private lender in Vietnam, posted VND27.5 trillion ($1.09 billion) in pre-tax profit in 2024, up 20.3% year-on-year and an all-time high.
Banking - Tue, January 21, 2025 | 9:48 pm GMT+7
Vietnam, France should partner in deep processing of strategic minerals, metals: Deputy PM
French and Vietnamese enterprises should pilot cooperation in mining and deep processing of strategic minerals and metals, said Deputy Prime Minister Tran Hong Ha.
Economy - Tue, January 21, 2025 | 9:30 pm GMT+7
Bamboo Capital Group redeems over $15.7 million worth of bonds before maturity
Bamboo Capital Group (HoSE: BCG), a Vietnamese private multi-sector corporation, has completed the first phase of redeeming bonds worth VND397.16 billion ($15.72 million), in line witth its roadmap to buy back VND500 billion worth of bonds two years before maturity.
Bamboo Capital - Tue, January 21, 2025 | 8:02 pm GMT+7
Central Vietnam province Khanh Hoa seeks growth momentum from FDI
The south-central coastal province of Khanh Hoa is diversifying approaches to attract foreign direct investment (FDI), with several major projects to be launched, according to the provincial mayor.
Industries - Tue, January 21, 2025 | 4:33 pm GMT+7
Two leading Vietnamese brokers report steep profit declines in Q4/2024
Saigon Securities Inc. (HoSE: SSI) and VnDirect Securities (HoSE: VND), the two largest brokerage firms in Vietnam by charter capital, experienced a sharp decline in net profit in the fourth quarter of 2024.
Companies - Tue, January 21, 2025 | 3:39 pm GMT+7
