The granting, in the presence of Prime Ministers Pham Minh Chinh and Lee Hsien Loong, was part of a conference held in Hanoi on August 29 to promote investment cooperation projects between the two countries.
There, the Vietnamese Ministry of Natural Resources and Environment (MoNRE) handed over a decision approving the monitoring, investigation, surveying, and assessment of marine resources to PTSC, a member of the Vietnam Oil and Gas Group (Petrovietnam). Meanwhile, the Singaporean Ministry of Trade and Industry presented a letter of intent approving this project to Sembcorp.
The moves enabled the two enterprises to take the next steps in their offshore renewable energy project in Vietnam to export clean electricity to Singapore.
With this license, PTSC is currently the first and only investor in Vietnam to have been permitted by the MoNRE to monitor, investigate, survey, and assess marine resources to develop offshore wind power.
In February 2023, PTSC and Sembcorp signed a joint development agreement on the cooperation in investing in and exporting electricity produced from offshore renewable energy in Vietnam to the city state.
Accordingly, their project will turn out some 2.3GW of power and export to Singapore through a submarine cable system to meet the country’s clean electricity demand from 2030.
It is expected to help realise the two countries’ memorandum of understanding on building the partnerships in green economy and digital economy.
