VN oil giant plugs into future with $10 billion electricity offshore cable deal
PVS and LSEE has recently signed a joint development agreement to cooperate in investing, constructing, developing and operating a high-voltage offshore cable factory in Việt Nam.
HÀ NỘI — PetroVietnam Technical Services Corporation (PVS) has taken a major step towards boosting Việt Nam’s renewable energy ambitions by signing a joint development agreement with South Korea’s LS Eco Energy Ltd (LSEE) to build a high-voltage offshore cable factory.
This factory will play a crucial role in Việt Nam’s ambitious US$10 billion offshore wind power export project, providing the technically complex submarine cables essential to the venture.
PVS anticipates investing approximately $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 Trần Hồ Bắc 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. — BIZHUB/VNS
