According to Reuters, Equinor, one of Norwayโs largest energy companies, has decided to scrap its plans to invest in offshore wind power in Vietnam.
โWe have decided to stop developing our business in Vietnam and close our office in Hanoi,โ said Equinor spokesperson Magnus Frantzen Eidsvold.
Regarding the reason for this decision, Equinor said, โThe offshore wind industry is facing significant challenges lately and we need to be disciplined in our approach,โ shared Magnus Frantzen Eidsvold with Reuters.
Previously, in 2021, Petrovietnam and Equinor signed a memorandum of understanding on cooperation in the development of offshore wind and other renewable energy in Vietnam and proposed survey locations for offshore wind power to the provinces of Ba Ria-Vung Tau, Binh Thuan, Ninh Thuan, Thai Binh, and Hai Phong.
Equinor also assessed Vietnam as having โone of the best wind resources in Asia.โ
Equinor logo at the companyโs headquarters in Stavanger, Norway. Source: Reuters.
Equinor is a large international energy company headquartered in Norway with 22,000 employees in over 30 countries. The company focuses on three main areas: oil and gas, LNG and hydrogen, and renewable energy.
Every day, Equinor meets the energy demands of more than 170 million consumers and businesses worldwide. The corporation is listed on the Oslo and New York Stock Exchanges, with a market capitalization of over $73 billion.
After 50 years of development, Equinor has become one of the worldโs leading energy companies, particularly in offshore wind power. The company is now a top global investor in the offshore wind industry.
Equinor invests in offshore wind projects in Europe and the US, with a total capacity of over 10 GW for projects already in operation or under construction.
In the UK, they have the Dogger Bank project, the worldโs largest offshore wind farm. The Dogger Bank wind farm is being developed in three phases, each installing wind turbines with a total capacity of 1.2 GW. Once operational, the wind farm will be able to provide electricity to six million households annually with a total installed capacity of 3.6 GW.
Notably, Equinor is currently the world leader in the development of floating offshore wind technology and is looking to deploy this technology in Asia.
As of June 30, 2024, the company reported revenue of $25.46 billion, an increase of over 11% from the previous year. However, for the trailing twelve months, revenue decreased by over 18%, amounting to approximately $105.3 billion.
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