PTSC - Sembcorp joint venture licensed to conduct marine survey for offshore wind power project, exporting electricity to Singapore

On August 29, in Hanoi, within the framework of the Conference to promote the implementation of Vietnam - Singapore investment cooperation projects, the PTSC - Sembcorp Joint Venture was granted a Survey License and Letter of Intent to carry out work related to the development of offshore renewable energy projects in Vietnam, exporting clean electricity to Singapore.

Liên danh PTSC - Sembcorp đón nhận giấy phép khảo sát các dự án năng lượng tái tạo ngoài khơi.

PTSC - Sembcorp joint venture receives license to survey offshore renewable energy projects.

In the presence of Vietnamese Prime Minister Pham Minh Chinh, Singaporean Prime Minister Lee Hsien Loong, representatives of the leaders of the two countries' ministries/sectors and leaders of the Vietnam Oil and Gas Group (PetroVietnam), the Vietnamese Ministry of Natural Resources and Environment presented the Decision on approval of marine resource monitoring, investigation, survey and assessment activities (survey license) to Vietnam Petroleum Technical Services Corporation (PTSC) - a member unit of PetroVietnam; at the same time, PTSC's partner Sembcorp Utilities Pte Ltd (Sembcorp) was awarded a Letter of Intent by the Singapore Ministry of Trade and Industry to approve this project.

This meaningful event is a milestone for the PTSC - Sembcorp Joint Venture to be able to implement the next steps in developing offshore renewable energy projects (REPs) in Vietnam, exporting clean electricity to Singapore.

This event is within the framework of the Conference to promote the implementation of Vietnam - Singapore investment cooperation projects, which will contribute to enhancing the cooperative relationship between the two countries, expanding cooperation opportunities between businesses of the two countries in the energy sector in particular and socio-economics in general on the occasion of the 50th anniversary of the establishment of diplomatic relations (1973-2023) and 10 years of strategic partnership (2013-2023) between Vietnam and Singapore.

With the survey license, PTSC is currently the first and only investor in Vietnam licensed by the Ministry of Natural Resources and Environment to carry out activities of monitoring, investigating, surveying, and evaluating marine resources to develop offshore wind power projects (EEPs). After receiving the license, the PTSC - Sembcorp Joint Venture will carry out wind measurement, marine and geological surveys in some offshore areas of Ba Ria - Vung Tau province to collect necessary data to carry out investment and project development.

Previously, in February 2023 in Singapore, PTSC and Sembcorp signed and awarded a Joint Development Agreement (JDA) on investment cooperation and electricity export to Singapore from offshore renewable energy sources in Vietnam.

Under the agreement, PTSC and Sembcorp will cooperate exclusively to invest in a project to produce about 2.3 GW of electricity from offshore renewable energy sources in Vietnam and export it to Singapore via a high-voltage submarine cable, meeting Singapore's clean electricity needs from 2030.

PTSC manufacturing port.

The event of receiving the licenses of the PTSC - Sembcorp Joint Venture will contribute to realizing the memorandum of understanding on building a green economic - digital economic partnership between the two countries, joining hands to complete the goal of achieving 6GW of renewable energy by 2030 set by the Vietnamese Government in the Power Plan VIII and the commitment of net zero emissions by 2050 of the Vietnamese Government at COP26.

According to the Decision of the Ministry of Natural Resources and Environment, PTSC is allowed to conduct the above activities at offshore locations in Ba Ria - Vung Tau province, including Sea Area No. 1 and Sea Area No. 2.

Sea area No. 1 includes 2 areas with an area of 89,027 ha, and a depth of 20-35m (according to the Hon Dau Elevation System). Sea area No. 2 includes 2 areas with an area of 98,897 ha, and a depth of 50-65m (according to the Hon Dau Coordinate System). The implementation period is 36 months from the effective date of this Decision (August 24, 2023).

The Ministry of Natural Resources and Environment requires PTSC to prepare and send detailed information on geophysical and geotechnical surveys, environmental and social impact assessment surveys, wind, meteorological and oceanographic surveys (detailed location, scope, coordinates, boundaries, area, altitude, depth of sea areas and time, detailed schedule of each activity...) to the Vietnam Administration of Seas and Islands, law enforcement forces at sea, and Vung Tau Maritime Port Authority when carrying out activities in accordance with legal regulations.

Besides seeking opportunities to invest in GHG/NLTTNK projects, PTSC also participates in providing services for GHG projects as a contractor providing high-quality technical services.

PTSC is currently implementing projects to manufacture wind power tower bases and DGNK transformer stations in Europe (Baltic Sea area) and Taiwan (China) for the world's leading investors, especially the project to manufacture and supply 33 wind power tower bases with advanced technology, the first time implemented in the Asia-Pacific region for the Greater Changhua 2b&4 DGNK project in Taiwan (China) of customer Orsted.

The total value of the contracts on GHG that PTSC has won and is implementing is about 1 billion USD.

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