PTSC and its Singaporean partner Sembcorp are granted the survey licence and letter of content in Hanoi on August 29. — VNA Photo

The Petrovietnam Technical Services Corporation (PTSC) and its Singaporean partner Sembcorp Utilities Pte Ltd have been granted a survey licence and a letter of content to carry out the steps related to a project on developing offshore renewable energy in Việt Nam and exporting clean electricity to Singapore.

The granting ceremony, in the presence of Prime Ministers Phạm Minh Chính and Lee Hsien Loong, was part of a conference held in Hà Nội on August 29 to promote investment cooperation projects between the two countries.

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 Việt Nam to export clean electricity to Singapore.

With this licence, PTSC is currently the first and only investor in Việt Nam 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 renewable electricity produced offshore Việt Nam 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. — VNA/VNS