During an official state visit of Singapore’s Prime Minister to Vietnam, Petrovietnam Technical Services Corporation (PTSC) and Singapore’s Sembcorp Utilities Pte Ltd were granted a survey license to execute a project to develop offshore renewable energy in Vietnam and export clean electricity to Singapore.
PTSC, a member of the Vietnam Oil and Gas Group (Petrovietnam), is now able to monitor, investigate, survey, and assess marine resources following the license handed over by Vietnam’s Ministry of Natural Resources and Environment (MoNRE). Together with Sembcorp, PTSC will conduct the offshore renewable energy project and export electricity generated from this to Singapore. With this progressive move, PTSC became the first and only investor in Vietnam to have been granted the special license to access the country’s marine resources.
In early 2023, the two companies inked a joint development agreement on the collaboration in investing in and exporting electricity produced from offshore renewable energy in Vietnam to the city-state. Accordingly, the project will generate 2.3 GW of electricity that will be transmitted through a submarine cable system to Singapore to fulfill its demand for clean power from 2030.
This project is a part of the partnership agreement between the two nations on promoting green and digital economy.