PetroVietnam targets leading position in renewable energy industry

Hanoi (VNA) – The Vietnam Oil and Gas Group (Petrovietnam) has full capacity and advantages in offshore wind power development and in renewable energy projects in the future, held participants at a recent symposium on offshore wind power and hydrogen production from this energy source.

A report released at the event showed that offshore wind power and hydrogen will play an important role in the global energy structure and an indispensable solution for energy transition and reduction of greenhouse gas (GHG) emissions to achieve net zero emissions by 2050.

In the future, the hydrogen industry and the global hydrogen market, including Vietnam, is predicted to develop fast in the period after 2030.

Commenting on the potential and development trend of the offshore wind power industry in Vietnam in the future, the World Bank held that Vietnam has the largest potential in the Southeast Asian region at 475 GW. The figure in the draft National Power Development Plan for the 2021 - 2030 period, with a vision towards 2045 (PDP VIII), is 207 GW.

The development of offshore wind power is of great significance for Vietnam because it can integrate the goals in socio-economic growth, energy security and industrialisation into with low carbon emission targets towards the goal of net zero emissions by 2050.

According to the PDP VIII, offshore wind power capacity will reach 7 GW and account for 4.8% of total power capacity by 2030 and 66.5 GW by 2045.

Participants underlined that PetroVietnam has great potential in offshore wind power development, with high financial capacity, favourable capital mobilisation with high credit ratings and easy access to green credit resources at low interest rates as well as other incentives from the Government and international financial institutions supporting the development of clean and green energy.

PetroVietnam and its member companies can promote their advantages in experience and human resources in designing, manufacturing and operating sea-based works to engage in the supply chain and the development of offshore wind power projects, enhancing the localisation rate of equipment, reducing the cost of electricity production in order to create a premise for the development of hydrogen energy in the future.

PetroVietnam has owned the infrastructure and experience that can be applied throughout the entire value chain from production to transportation, storage and use of hydrogen.

At the event, the Department of Electricity and Renewable Energy of PetroVietnam released a report on opportunities and challenges for wind power to develop together with the value chain.

The report analysed and clarified the offshore wind power market in the region and the world, and the structure of an offshore wind power project. It also gave specific evaluation of the capacity of Petrovietnam in the field of import and export, while proposing some solutions, recommendations on the roadmap and orientations in this field if Petrovietnam is allowed to operate in the area.

Concluding the event, Chairman of PetroVietnam’s Board of Directors Hoang Quoc Vuong reiterated the direction from Prime Minister Pham Minh Chinh during his working session with the firm on September 11, asking the PetroVietnam, as a leading economic and energy group of the country, to play the pioneering role in guiding the development of the renewable energy industry.

Vuong affirmed that PetroVietnam boasts high potential, strength and capacity in manufacturing equipment and experience in operating at sea, which prompts it to be active in building strategy and roadmap to boost offshore wind power and hydrogen development in a timely, suitable and effective manner amid the current fast and strong energy transition.

The PetroVietnam leader also reminded member companies to further improve their management capacity, enrich their experience, and enhance the quality of human resources to actively grasp all opportunities to promote the group to the leading position in the renewable energy industry./.