Latest news with #MYEnergyConsortium
Malaysia Sun
27-05-2025
- Business
- Malaysia Sun
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.
New Straits Times
26-05-2025
- Business
- New Straits Times
Malaysia, Vietnam and Singapore unite to power Asean's green future
KUALA LUMPUR: Energy companies from Malaysia, Singapore and Vietnam have formed a strategic partnership to explore the export of renewable electricity from Vietnam to both Malaysia and Singapore. The collaboration involves the MY Energy Consortium, an unincorporated partnership established by Tenaga Nasional Bhd (TNB) and Petronas, working alongside a separate consortium comprising PetroVietnam Technical Services Corporation (PTSC) — a subsidiary of the Vietnam National Oil and Gas Group (Petrovietnam) — and Sembcorp Utilities Pte Ltd, a subsidiary of Singapore's Sembcorp Industries. Together, the consortia aim to unlock Vietnam's abundant renewable energy potential, particularly in offshore wind, as a sustainable source of green electricity for cross-border transmission. This trilateral initiative underscores growing regional momentum towards the realisation of an Asean Power Grid — a regionally integrated energy infrastructure that enhances energy security and sustainability. The parties will assess the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea transmission cable, which will be integrated through the Peninsular Malaysia National Grid. The project may also involve supplementary firming power generation and energy storage using renewable sources. In a joint statement, the MY Energy Consortium said Malaysia's involvement in the project signaled a firm commitment to the Asean Power Grid vision, which seeks to establish a regional power transit hub and reinforce energy cooperation across member states. "This tripartite partnership represents a significant step in advancing transnational green infrastructure. It aims to harness Vietnam's renewable energy resources and deliver stable, low-carbon electricity to communities and businesses. "It marks a major milestone in our shared journey towards achieving net zero emissions," the statement said. The consortia will engage closely with the respective national authorities throughout the project's development, seeking necessary approvals at various stages and laying the groundwork for deeper regional power integration and interconnection. As the current Asean chair for 2025, Malaysia plays a pivotal role in fostering collaborative efforts that promote sustainability, resilience, and inclusive economic growth across the region.
Malay Mail
26-05-2025
- Business
- Malay Mail
Malaysian, Vietnamese and Singaporean firms ink landmark deal for export of renewable energy
KUALA LUMPUR, May 26 — In a landmark 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 decarbonisation through commercially viable solutions. Through this agreement, Malaysia, represented by MY Energy Consortium, an unincorporated consortium established by Tenaga Nasional Bhd (TNB) and Petroliam Nasional Bhd (Petronas), will collaborate with a consortium comprising PetroVietnam Technical Services Corporation (PTSC), a member of Vietnam National Industry–Energy Group (Petrovietnam), 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, they said in a joint statement here today. This alliance reflects the growing momentum towards a regionally integrated Asean Power Grid. Under this agreement, the consortia will evaluate the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea cable, wheeled in and through the Peninsular Malaysia National Grid, with potential additional firming renewable energy generation and storage, they 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.' As the current Chair of Asean in 2025, Malaysia plays a central role in fostering collaborative efforts that advance sustainability, resilience and economic growth in the region. '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.' '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. It marks a significant milestone in our collective journey towards achieving net zero emissions,' said TNB president/chief executive officer (CEO) Datuk Ir. Megat Jalaluddin Megat Hassan and Petronas president and group CEO Tan Sri Tengku Muhammad Taufik. As a member of Asean, Vietnam is advancing its strategic vision to become a regional renewable energy hub, driven by a strong commitment to clean energy development, emissions reduction and meeting Southeast Asia's rising energy demands. Vietnam's Prime Minister Pham Minh Chinh has underscored offshore wind as a national priority and is actively steering bold, targeted directives to accelerate the growth of renewable energy. This demonstrates the government's strong political will and strategic commitment to building a sustainable energy landscape. By participating in this trilateral collaboration, Vietnam seeks to catalyse new economic opportunities, stimulate sustainable growth and generate quality employment, while reinforcing Asean's shared ambition for a resilient, low-carbon energy future. '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,' said PTSC president and CEO Tran Ho Bac. Singapore's target is to import around 6GW of low-carbon electricity by 2035, which is around one third of the nation's energy demand then. Connecting regional power grids will also promote the development of renewable energy in the region and pave the way to realising the Asean Power Grid vision. Sembcorp group president and CEO Wong Kim Yin said: 'We are committed to supporting Asean's low-carbon transition through shared infrastructure and strengthened partnerships.' This agreement endeavours 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 decarbonisation 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 May 26, 2025. The ceremony marked a significant step forward in operationalising the tripartite collaboration, affirming 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. — Bernama
Barnama
26-05-2025
- Business
- Barnama
Key Corporates From Malaysia, Vietnam and Singapore Announce Tripartite Industry Alliance To Advance Cross-Border Renewable Energy Supply
KUALA LUMPUR, May 26 (Bernama) -- In a landmark 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 decarbonisation through commercially viable solutions. 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.
The Sun
26-05-2025
- Business
- The Sun
Malaysian, Vietnamese and Singaporean firms ink landmark deal for export of renewable energy
KUALA LUMPUR: In a landmark 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 decarbonisation through commercially viable solutions. Through this agreement, Malaysia, represented by MY Energy Consortium, an unincorporated consortium established by Tenaga Nasional Bhd (TNB) and Petroliam Nasional Bhd (Petronas), will collaborate with a consortium comprising PetroVietnam Technical Services Corporation (PTSC), a member of Vietnam National Industry–Energy Group (Petrovietnam), 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, they said in a joint statement here today. This alliance reflects the growing momentum towards a regionally integrated ASEAN Power Grid.
