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
Vietnam-Singapore Industrial Park JV earns $67 mln in 2023 profit
Vietnam Singapore Industrial Park Joint Venture Co. (VSIP), the developer of VSIP industrial parks, recorded a post-tax profit of VND1,703 billion ($66.9 million) in 2023, down 24.6% year-on-year.
Industrial real estate - Mon, April 22, 2024 | 8:05 am GMT+7
Tourists come in great numbers to Dien Bien Phu
The special national relic site of Dien Bien Phu Battlefield in the mountainous province of Dien Bien is attracting an increase influx of tourists from across the country and abroad as only half a month ahead of the Grand Celebration on May 7.
Travel - Sun, April 21, 2024 | 10:46 pm GMT+7
Longan honey harvest season begins in northern Vietnam province Hung Yen
With a total longan area of some 5,000 hectares, the northern province of Hung Yen is considered Vietnam’s “longan capital”. As spring transitions to early summer, the longan orchards of the province burst into bloom, heralding the arrival of the longan honey collecting season from April to May.
Travel - Sun, April 21, 2024 | 10:43 pm GMT+7
Thailand promotes AI, creative economy
The Federation of Thai Industries (FTI) is planning to establish new units to align with the government's policy to promote artificial intelligence (AI) and the creative economy as levers of soft power.
Southeast Asia - Sun, April 21, 2024 | 10:41 pm GMT+7
Vietnam stock market loses $20 bln after 4 sessions
Price plunge swept away nearly VND480 trillion ($20 billion) from Vietnam’s stock market after four sessions during the week April 15-19.
Finance - Sun, April 21, 2024 | 10:27 pm GMT+7
Greenback surge appears a mixed bag for Vietnam businesses
As expected, the recent surge in the U.S. dollar against the Vietnamese dong (VND) has benefited exporters handsomely while importers are feeling the pinch of paying more for their purchases.
Companies - Sun, April 21, 2024 | 6:51 pm GMT+7
With no clean land, $169 mln central Vietnam project faces termination
Binh Dinh province has granted in-principle approval for the termination of a VND4.3 trillion ($169 million) wooden board manufacturing project by Kim Thanh Lap Forestry JSC, citing lack of clean land to implement it.
Industries - Sun, April 21, 2024 | 2:55 pm GMT+7
Techcombank plans 10% stake issue to foreign strategic investors
Major Vietnamese private lender Techcombank plans to issue a 10% stake to overseas strategic investors, given its current self-capped foreign ownership of 22%, said chairman Ho Hung Anh.
Companies - Sun, April 21, 2024 | 10:47 am GMT+7
Hanoi low-cost apartment supply down 47% yearly since 2020: Savills
Hanoi’s supply of budget apartments priced below VND30 million ($1,179) per square meter has dropped 47% every year since 2020, according to real estate service firm Savills Vietnam.
Real Estate - Sun, April 21, 2024 | 9:40 am GMT+7
Vietnam sees dramatic increase in fruit, vegetable exports to South Korea, Thailand
Vietnam saw high export growth in fruits and vegetables to all major markets in Q1/2024, but the intake by South Korea and Thailand was sudden and dramatic, a report says.
Economy - Sun, April 21, 2024 | 8:15 am GMT+7
Key points and market implications of Vietnam’s new Real Estate Business Law
The National Assembly on November 28, 2023 passed the Law on Real Estate Business 2023 (LREB 2023), which will take effect on January 1, 2025. CBRE researchers gave an insight into new points.
Consulting - Sun, April 21, 2024 | 6:58 am GMT+7
AHK Vietnam has new chief
Peter Kompalla has been appointed chief representative of the Delegation of German Industry and Commerce in Vietnam (AHK Vietnam) since April 1.
Companies - Sun, April 21, 2024 | 5:33 am GMT+7
Vietnam booth makes Milan Design Week debut
Italy’s Milan Design Week has featured a Vietnam Pavilion for the very first time, presenting unique wooden furniture and handicraft products from 35 Vietnamese businesses.
Economy - Sat, April 20, 2024 | 11:46 pm GMT+7
Tiny green market with big heart: HCMC meets demand for healthy food
Indigenous, local specialties produced by innovative startups are among thousands of quality products on display at the "Phien cho xanh tu te” (Kind Green Market) held this weekend in Ho Chi Minh City.
Economy - Sat, April 20, 2024 | 7:20 pm GMT+7
Vietnam central bank pumps cash to save troubled lender SCB
Vietnam’s central bank has pumped in money to support Saigon Commercial Bank (SCB), which experienced a run triggered by the arrest of real estate tycoon Truong My Lan in October 2022.
Banking - Sat, April 20, 2024 | 5:15 pm GMT+7
Lending picks up at Vietnam banks with 1.34% Q1 growth
Credit growth in the Vietnamese banking system accelerated in the final days of last month to reach 1.34% as of March 29 from end-2023.
Banking - Sat, April 20, 2024 | 3:30 pm GMT+7
