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's 13th Party Central Committee convenes 15th meeting
The 15th meeting of Vietnam's 13th Party Central Committee opened in Hanoi on Monday.
Politics - Mon, December 22, 2025 | 11:13 am GMT+7
Duc Giang Chemical chairman’s family loses $129 mln in a week as shares plunge
Shares of Vietnam’s Duc Giang Chemical Group JSC (DGC) fell sharply last week (December 15-19), wiping nearly VND3.4 trillion ($129.2 million) off the stock-based wealth of the family of chairman Dao Huu Huyen.
Companies - Mon, December 22, 2025 | 6:58 am GMT+7
Vietnam launches International Financial Center, pledges 'special process' to resolve investor hurdles
Vietnam on Sunday announced the establishment of its International Financial Center (IFC), with Prime Minister Pham Minh Chinh pledging to fast-track the resolution of investor difficulties through a “special process”.
Economy - Sun, December 21, 2025 | 9:18 pm GMT+7
The new target for VN-Index is 3,200: Finnish fund PYN Elite
The earnings growth of listed companies in Vietnam will continue to support equity prices in 2026. According to the consensus forecast, a market P/E of 10.0 for 2026 looks very attractive, writes Petri Deryng, portfolio manager at Finnish fund PYN Elite.
Consulting - Sun, December 21, 2025 | 6:33 pm GMT+7
Mastering AI key to Vietnam’s leap beyond middle-income trap: FPT chairman
Mastering and innovating technology is no longer optional but the sole path for Vietnam to escape the middle-income trap and rise alongside global powers, said tech giant FPT Corporation chairman Truong Gia Binh.
Economy - Sun, December 21, 2025 | 2:33 pm GMT+7
Vietnam among world’s top 15 countries by im-export value: ministry
Vietnam’s import-export turnover is expected to reach $920 billion for the first time in 2025, placing the country among the world’s top 15 by trade value, according to the Ministry of Industry and Trade (MoIT).
Economy - Sun, December 21, 2025 | 11:07 am GMT+7
Dung Quat oil refinery operator BSR targets 187% net profit growth in 2026
Binh Son Refining and Petrochemical JSC (HoSE: BSR), operator of Dung Quat - Vietnam’s first oil refinery, expects net profit to surge in 2026, supported by stable oil price assumptions and a major investment plan to expand and upgrade its core refining assets.
Companies - Sun, December 21, 2025 | 8:00 am GMT+7
Dragon Capital-managed VEIL plans trio of 10% tender offers
Vietnam Enterprise Investments Limited (VEIL), the largest foreign-managed equity fund in Vietnam, has announced a tender offer for up to 10% of its issued share capital, with the option to conduct up to two additional tenders over the next year.
Finance - Sat, December 20, 2025 | 11:19 pm GMT+7
Vingroup builds development hubs across multiple sectors
With the groundbreaking and inauguration of 11 large-scale projects on Friday, Vingroup (HoSE: VIC), Vietnam's biggest listed company by market cap, reinforces its role as a pioneering private enterprise in urban development, infrastructure, energy, and industry.
Investing - Sat, December 20, 2025 | 6:32 pm GMT+7
Kinh Bac breaks ground on $437 mln industrial park in northern Vietnam province Thai Nguyen
Kinh Bac City Development Holding Corp (HoSE: KBC) on Friday broke ground on the VND11.5 trillion ($437.06 million) Phu Binh Industrial Park project in Thai Nguyen province.
Industrial real estate - Sat, December 20, 2025 | 5:46 pm GMT+7
Construction giant Fecon starts work on Hanoi metro line, northern Vietnam rail link
Fecon, a leading Vietnamese construction group, on Friday broke ground on two major rail projects: a metro line in Hanoi and a strategic railway linking the capital city with northern localities.
Infrastructure - Sat, December 20, 2025 | 2:08 pm GMT+7
SJ Group to build smart urban area in western Hanoi to bolster Hoa Lac High-tech Park
Vietnam's leading developer SJ Group JSC is outlining plans for its over 1,200-hectare Tien Xuan Smart Urban Area project in Hanoi, which is expected to be a residential and service hub of the Hoa Lac science and technology city.
Real Estate - Sat, December 20, 2025 | 10:36 am GMT+7
Indonesia to deepen role in global semiconductor supply chain
Indonesia is rolling out efforts to identify opportunities and map its natural resources to support the semiconductor industry, as part of a broader strategy to build domestic industrial capacity.
Southeast Asia - Sat, December 20, 2025 | 9:36 am GMT+7
Indonesia to stop rice imports next year
Indonesia will not import rice for either consumption or industrial use next year, citing sufficient domestic production, according to a government official.
Southeast Asia - Sat, December 20, 2025 | 8:00 am GMT+7
Northern Vietnam port city Hai Phong charts sustainable growth path for free trade zone
The establishment of Hai Phong Free Trade Zone (FTZ) is a strategic direction that will elevate the role and position of Vietnam in general and Hai Phong in particular within the global value chain, heard a conference held in the northern port city last week.
Economy - Fri, December 19, 2025 | 8:12 pm GMT+7
Construction begins on $32.5 bln Red River Scenic Boulevard project in Hanoi
The gigantic project Red River Scenic Boulevard, with a preliminary investment of about VND855 trillion ($32.49 billion) in Phu Thuong ward, Hanoi, broke ground on Friday.
Real Estate - Fri, December 19, 2025 | 4:57 pm GMT+7
