Four energy companies from Malaysia, Singapore, Vietnam ink deal to explore clean energy export from Vietnam
[KUALA LUMPUR] Four energy companies from Malaysia, Singapore and Vietnam have inked an agreement to explore the export of renewable electricity from Vietnam to the other two countries.
'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,' said a joint statement from the four companies on Monday (May 26).
The joint development agreement was signed at the sidelines of the 46th Asean Summit in Kuala Lumpur, Malaysia.
Malaysia was represented by MY Energy Consortium, an unincorporated consortium established by Tenaga Nasional Berhad (TNB) and Petroliam Nasional Berhad (Petronas).
It will collaborate with another consortium comprising PetroVietnam Technical Services Corporation (PTSC) and Sembcorp Utilities.
PTSC is a member of Vietnam National Industry - Energy Group (Petrovietnam), while Sembcorp Utilities is a wholly owned subsidiary of Singapore-headquartered Sembcorp Industries.
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The alliance reflects the 'growing momentum' towards a regionally integrated Asean Power Grid, said the statement issued by TNB, Petronas, PTSC and Sembcorp.
Under the agreement, the consortia will evaluate the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea cable.
This will be wheeled into and through the Peninsular Malaysia National Grid with potential additional firming renewable energy generation and storage, the statement added.
The consortia also pledged to 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'.
The companies added that they hope for the agreement to 'open pathways for a scalable model' of cross-border renewable energy cooperation in South-east Asia.
Singapore's target is to import around 6 gigawatts of low-carbon electricity by 2035, which will be about one-third of its energy demand then.
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