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Business Times
26-05-2025
- Business
- Business Times
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. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 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.
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.
