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Apr 09, 2024 / 11:15

Russia’s Zarubezhneft Group explores opportunity for offshore wind projects in Vietnam

Both sides are expected to set up a joint working group to strengthen cooperation in oil and gas projects.

Zarubezhneft, which has been working with the Vietnam Oil and Gas Group for over 40 years, has expressed its desire to develop offshore wind power.

 Prime Minister Pham Minh Chinh and CEO of Zarubezhneft Kudryashov Sergei Ivanovich. Photo: Nhat Bac

The information was shared by Kudryashov Sergei Ivanovich, CEO of Zarubezhneft, during a meeting with Prime Minister Pham Minh Chinh on April 8.

Zarubezhneft has been cooperating with the Vietnam Oil and Gas Group (Petrovietnam) for over 40 years through two joint ventures: Vietsovpetro (in Vietnam) and Rusvietpetro (in Russia), focusing on geological exploration and oil and gas extraction.

Ivanovich stated that Zarubezhneft is finalizing procedures and plans for implementing new projects in Vietnam, while also expressing the desire to expand cooperation, including in the development of offshore wind power.

The CEO mentioned that Russia continues to provide favorable conditions to expand the development of Rusvietpetro's projects in Russia to achieve a better balance between oil and gas cooperation projects in Vietnam and Russia. He urged both sides to work together to solve difficulties and obstacles in cooperation projects under the direction of the Prime Minister.

At the meeting, Prime Minister Chinh agreed on the need to address the concerns raised by Zarubezhneft and welcomed the company's expansion of cooperation with Vietnam in the oil, gas, and energy sectors, including wind power, based on "harmonious benefits, shared risks".

He also expressed the desire for Russia's assistance and coordination in resolving lingering issues to facilitate the expansion of Petrovietnam's investment in Russia. Additionally, the Prime Minister proposed the establishment of a Working Group between Zarubezhneft and PetroVietnam to promote the resolution of outstanding issues and to study and propose appropriate cooperation content.

According to the World Bank's energy assessment program for Asia, Vietnam is seen as having the largest wind potential in the Southeast Asia region, with an estimated total wind power potential reaching 513,360 MW.

Meanwhile, under the National Power Development Plan (Power Development Plan VIII) until 2030, offshore wind power is expected to reach around 6,000 MW, with the potential for further growth if technology develops rapidly and electricity prices and transmission costs remain reasonable.