Deputy Prime Minister Tran Hong Ha paid a visit and worked with PTSC in Vung Tau City

On February 04th, 2024, Petrovietnam Technical Services Corporation (PTSC) had the privilege of welcoming Deputy Prime Minister Tran Hong Ha and delegations for a working visit at PTSC’s Supply base in Vung Tau City. Other attendees included Mr. Nguyen Hoang Anh, Member of the Party Central Committee, Chairman of the Committee for Management of State Capital at Enterprises, Permanent Deputy Secretary of the Ba Ria - Vung Tau Provincial Party Committee Nguyen Thi Yen, and Chairman of the People's Committee Nguyen Van Tho, in addition to leaders of ministries, departments, and central branches as well as the Vietnam National Oil and Gas Group.

During the working visit, the Deputy Prime Minister was given an overview of PTSC's history and core services, a 200-hectare fabrication yard, a report on PTSC’s business performance in 2023, and an update on the offshore renewable energy sector in Vietnam, the region, and worldwide.

PTSC’s leader reports on the offshore renewable energy projects that have been implementing

By participating in international bidding and winning several manufacturing contracts worth up to USD 1.5 billion for renewable energy projects in Taiwan – China and Europe, particularly when these projects are all carried out entirely in Vietnam by Vietnamese people, and exported aboard, PTSC is the first Vietnamese business to place the nation's name on the global supply chain map for the renewable energy industry. Thanks to its continued efforts in 2023, PTSC has a backlog that guarantees jobs through 2027. PTSC is advocating for the reorganization of the infrastructure, new equipment investment, and leveling of the current yard area for increasing capacity and productivity and moving manufacturing capacity toward mass production to carry out contracts for offshore renewable energy projects.

Furthermore, building on its success as the first Vietnamese company in the country to be granted a marine survey permit, PTSC is coordinating with partners to carry out related collaborative work to promote survey implementation, investment in and development of the offshore wind farm in Vietnam to export clean electricity to Singapore with the expectation of starting commercial operation in 2032–2033.

Despite seeing some initial success in this field, PTSC is aware that the global supply chain is facing several issues, most notably the shortage of capital due to rising interest rates, which results in high costs and supply chain disruption at a time when market demand has sharply increased. In response to this circumstance, PTSC has made a firm decision to establish itself as a crucial and essential link in the whole supply chain. This can only be accomplished by creating and developing an industrial hub for offshore renewable energy in Vietnam, which is also the goal PTSC is aiming for.

The Deputy Prime Minister encouraged PTSC’s employees in a speech

Having heard PTSC's report, the Deputy Prime Minister conveyed his appreciation for PTSC's and Vietnam Oil and Gas Group's recent contributions to the nation's significant transformation. With PTSC, the oil and gas service sector is the main sector that has made innovative strides, depending not only on resource exploitation but also on key point exploration and human resources to generate solutions and high values that can validate Vietnam's oil and gas industry's standing in the international arena. In light of the global search for new energy sources, PTSC's involvement in the field of offshore renewable energy through methodical scientific and technological research steps is the right move.

The Deputy Prime Minister delivered a speech

In response to PTSC's proposal to establish an offshore renewable energy industrial hub in Vietnam, more specifically in Ba Ria, Vung Tau Province, the Deputy Prime Minister believes that this is the right course of action to support the global development of renewable energy projects that are replacing fossil fuel sources, reducing emissions and greenhouse effects, and complying with Power Plan 8, Resolution 55. The Deputy Prime Minister further requests the leaders of Ba Ria Province in Vung Tau to support this idea, investigate the plan, and propose it to relevant levels.

The Deputy Prime Minister also stated that the offshore wind farm project, which aims to export clean electricity to Singapore, will be a part of Vietnam's pilot program to expand the offshore wind farm industry and engage in direct electricity exportation. There's a lot of work to be done on the project, including surveys, obtaining licenses for the production and sale of electricity, purchasing contracts for electricity, etc. As a result, the Deputy Prime Minister asked PTSC to develop a roadmap and a detailed implementation plan so that they could report and suggest to the State Steering Committee on crucial national programs, projects, and works in the energy sector as soon as feasible.

The Deputy Prime Minister and delegations join a group photo with PTSC

While visiting and working with PTSC, and in the spirit of the approaching Lunar New Year, The Deputy Prime Minister was deeply impressed by the urgent, zealous, and responsible work ethic of all PTSC employees. The Deputy Prime Minister is confident that Vietnam Oil and Gas Group, in general, and PTSC, in particular, will continue to be more successful in the future and maintain a leading role in the oil and gas service, and renewable energy industry to actively support the nation's industrialization and modernization efforts thanks to their tradition of solidarity, initiative, creativity, determination, and not being afraid of challenges.

Tran Thi Huyen Trang