PetroVietnam & Danish company come together in renewable energy development

The Vietnam Oil and Gas Group (PetroVietnam) recently signed an MoU on cooperation in renewable energy with Copenhagen Infrastructure Partners (CIP) from Denmark.

Their collective aim is to support Vietnam’s efforts in reducing net emissions by focusing on the development of renewable energy ventures, particularly offshore wind power projects.

Under the MoU, PetroVietnam and CIP will exchange insights and information on the transition from traditional fossil fuels to renewable energy sources. This exchange will cover various aspects, including technology, supply chain management, logistical considerations, infrastructure requirements, and technical expertise.

CIP will provide assistance in training initiatives related to emerging renewable energy technologies like power-to-X conversions (including ammonia and green hydrogen), energy storage solutions, and energy islands. Furthermore, both will explore potential collaboration opportunities for offshore wind energy projects in Vietnam.

In remarks during the signing event, H.E. Nicolai Prytz, Danish Ambassador to Vietnam, underscored the effective collaboration between Vietnam and Denmark in the energy sector. He emphasized the embassy’s ongoing role as a facilitator, encouraging promising Danish firms to invest in Vietnam, particularly in green initiatives. He also noted Danish investors’ readiness to make significant investments in Vietnam’s offshore wind energy projects, aiming to supply electricity and curb carbon dioxide emissions, and expressed a hope that the partnership between PetroVietnam and CIP in renewable energy would yield tangible outcomes and meet expectations, further cementing ties between Vietnam and Denmark.

For his part, PetroVietnam’s Deputy General Director Phan Tu Giang highlighted the significance of developing clean and renewable energy, stressing its role in environmental protection and climate change mitigation. Vietnam’s commitment to reducing environmental pollution and achieving net-zero emissions by 2050 presents both opportunities and challenges for energy stakeholders, including PetroVietnam.

Amid market fluctuations and an evolving energy landscape, PetroVietnam is proactively formulating and executing plans for energy transition. Mr. Giang is confident that through the combined strengths of both entities, the partnership between PetroVietnam and CIP will bear fruit in advancing renewable energy, improving the efficiency of energy utilization, and integrating cutting-edge technologies towards sustainable development objectives.

Expressing CIP’s delight in having the opportunity to share and exchange experience in developing and constructing international offshore wind projects, complementing PetroVietnam’s solid experience and capabilities in offshore energy projects, Mr. Robert Helms, a member of the Board of Directors at the CIP Group, noted that its aim is to collaborate with PetroVietnam to explore and advance offshore wind projects, establishing the groundwork to improve infrastructure and supply chains for similar endeavors in the future.