Sembcorp Industries enters agreement to explore exporting clean energy from Vietnam
Besides Sembcorp, the strategic partnership includes a Malaysian consortium established by the country's utility company Tenaga Nasional and its national oil company Petronas, as well as a Vietnamese technical services company for the energy sector, PetroVietnam Technical Services Corporation (PTSC), which is a member of PetroVietnam, the country's state-owned oil company.
The consortia will focus on unlocking Vietnam's renewable energy resources, particularly offshore wind power, as a source for green electron generation and to supply clean electricity across borders, the four entities said in a joint statement on Monday (May 26).
'This alliance reflects the growing momentum towards a regionally integrated Asean power grid,' it read.
The partners will also evaluate the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea cable, which will pass through the national grid of Peninsular Malaysia. There is also the possibility of adding more renewable energy generation and storage that is reliable and consistent in its supply.
The statement said: 'To this end, the consortia will work closely with the relevant national authorities throughout the development process, seeking necessary approvals at various project phases, and paving the way for this significant regional power integration and energy interconnection.'
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It added that the agreement, inked on the sidelines of the ongoing Asean summit in Kuala Lumpur during Malaysia's stint as Asean chair, marked 'a significant step forward in operationalising the tripartite collaboration and affirmed a shared commitment to advancing cross-border renewable energy trade'.
'This milestone reflects growing momentum in the realisation of the Asean power grid, reinforcing regional cooperation towards a more resilient, sustainable and interconnected energy future.'
This partnership aims to open pathways for a scalable model of cross-border renewable energy cooperation in South-east Asia, which would position the region as a global leader in collaborative decarbonisation and energy transition.
Wong Kim Yin, chief executive officer of Sembcorp Industries, said that this agreement highlights Singapore's strategic role as a demand centre and a key enabler of cross-border power imports to support its decarbonisation goals.
'We are committed to support Asean's low-carbon transition through shared infrastructure and strengthened partnerships,' he added.
Tenaga's chief executive officer Megat Jalaluddin Megat Hassan and Petronas chief executive officer Tengku Muhammad Taufik – who are members of the Malaysian energy consortium – said in a joint statement that the country's participation in this initiative reflects its strong commitment to the vision of establishing an Asean power grid, which aims to strengthen regional energy security through the creation of a power transit hub.
'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,' they added.
Vietnam's Prime Minister Phạm Minh Chính had previously highlighted offshore wind as a national priority.
By participating in this trilateral collaboration, Vietnam aims to catalyse new economic opportunities, stimulate sustainable growth and generate quality employment, the statement said.
Tran Ho Bac, 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. We expect its effective implementation will mark a significant milestone – a starting point for renewable energy investment in Vietnam.'
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