Oil giant plugs into future with US$10 billion electricity offshore cable deal
PetroVietnam Technical Services Corporation (PVS) has taken a major step towards boosting Vietnam’s renewable energy ambitions by signing a joint development agreement with the Republic of Korea’s LS Eco Energy Ltd (LSEE) to build a high-voltage offshore cable factory.
This factory will play a crucial role in Vietnam’s ambitious US$10 billion offshore wind power export project, providing the technically complex submarine cables essential to the venture.
PVS anticipates investing approximately US$40 million in the facility, which will produce internationally certified cables to serve both domestic renewable energy projects and the global market. Details of PVS’s ownership stake remain undisclosed.
General Director of PVS Tran Ho Bac highlighted the project’s long-term potential, stating the offshore wind power export to Singapore “could become a growth driver for PVS for decades,” with a scale potentially twice that of the existing Block B project.
Originally intended solely for Singapore’s energy market, the project has since expanded to include Malaysia, with commercial operations targeted for 2033.
The feasibility study phase is underway, with completion expected by 2026 and a final investment decision anticipated in 2027.
UK seminar sounds out cooperation opportunities in offshore wind power
VOV.VN - A Vietnamese delegation led by Deputy Minister of Industry and Trade Nguyen Hoang Long attended a seminar in Edinburgh, Scotland, on July 10, seeking to promote bilateral cooperation in offshore wind power.
