Firms of Malaysia, Vietnam, Singapore team up to advance cross-border renewable energy supply
KUALA LUMPUR, May 27 (Xinhua) -- In a move for regional energy cooperation, leading energy companies from Malaysia, Singapore and Vietnam have signed a joint development agreement to explore the export of renewable electricity from Vietnam to Malaysia and Singapore.
This strategic partnership highlights the growing commitment among industry leaders to advance regional power integration and accelerate decarbonization through commercially viable solutions, the firms said in a statement.
Through this agreement, Malaysia, as represented by MY Energy Consortium, an unincorporated consortium established by Tenaga Nasional Berhad (TNB) and Petroliam Nasional Berhad (Petronas), will collaborate with a consortium comprising PetroVietnam Technical Services Corporation (PTSC), a member of Vietnam National Industry-Energy Group (Petrovietnam) of Vietnam, and Sembcorp Utilities Pte Ltd, a wholly-owned subsidiary of Singapore-based Sembcorp Industries (Sembcorp).
Together, the consortia will focus on unlocking Vietnam's rich renewable energy resources, particularly offshore wind power, as a source for green electron generation and to supply clean electricity across borders.
This alliance reflects the growing momentum towards a regionally integrated ASEAN Power Grid.
"Malaysia's participation in this initiative reflects our strong commitment to the ASEAN Power Grid vision, which aims to strengthen regional energy security through the creation of a power transit hub," said members of MY Energy Consortium Megat Jalaluddin Megat Hassan, also president/chief executive officer of TNB, and Muhammad Taufik, president and group chief executive officer of Petronas.
According to them, this tripartite partnership is a step forward in advancing transnational green infrastructure, tapping into Vietnam's renewable energy potential, and delivering stable, low-carbon electricity to communities and businesses.
Meanwhile, Tran Ho Bac, president and chief executive officer of PTSC, said this agreement highlights the role of PTSC in particular, and PVN as a whole, in advancing national energy transition strategies.
Wong Kim Yin, group president and chief executive officer of Sembcorp Industries, said this agreement highlights Singapore's strategic role as a demand center and a key enabler of cross-border power imports to support its decarbonization goals.
According to the statement, this agreement endeavors to open pathways for a scalable model of cross-border renewable energy cooperation in Southeast Asia, which would position the region as a global leader in collaborative decarbonization and energy transition.
The formal agreement exchange ceremony between MY Energy Consortium, PTSC and Sembcorp was held on the sidelines of the ASEAN Summit in Kuala Lumpur, Malaysia on Monday.
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