“Russian Oil Giant Zarubezhneft Eyes Unprecedented 1,000 MW Offshore Wind Project in Vietnam”

Russian oil and gas giant, Zarubezhneft, has expressed interest in developing a 1,000 MW offshore wind power project in the southeastern region of Vietnam.

According to a Kremlin statement on May 10, President Putin made this statement during a press conference following the Vietnam-Russia talks between President Putin and General Secretary To Lam.

Further elaborating on energy cooperation, President Putin mentioned that several Russian businesses are keen to participate in the construction and upgrade of hydropower plants in Vietnam.

Subsequently, on May 11, General Secretary To Lam met with Mr. Kudryashov Sergei Ivanovich, Director General of Zarubezhneft. The General Secretary emphasized that energy and oil and gas cooperation are among the most important pillars in the Comprehensive Strategic Partnership between Vietnam and Russia. The collaboration between the two sides in the oil and gas sector is a vivid testament to the fusion of Russian intellect and technology with Vietnam’s development aspirations.

The General Secretary applauded the cooperation between Zarubezhneft and the Vietnam Oil and Gas Industry Group (PVN) and acknowledged the efficient coordination between the Vietnamese Ministry of Industry and Trade, the Russian Ministry of Energy, and Russian companies with their Vietnamese counterparts.

Mr. Kudryashov Sergei Ivanovich mentioned that the two sides are collaborating to develop and implement renewable energy projects, such as offshore wind power and green hydrogen. The leadership of Zarubezhneft affirmed their desire to foster sustainable and long-term cooperation with Vietnamese partners and requested the General Secretary’s continued support and facilitation to expand their scope of cooperation, harmonizing the interests of both nations.

Currently, Vietnam has no offshore wind power projects. According to the adjusted Power Development Plan VIII, the Southern region of Vietnam has three projects planned by 2030.

Each of the three projects in the Southern region is expected to have a capacity of 500 MW. The third project, originally planned for the South-Central region, has been relocated to the Southern region.

Earlier in July 2023, the leadership of Tra Vinh province had a working session with representatives of Vietsovpetro and EVNGENCO1 regarding the implementation of a wind power project in the province. Vietsovpetro and EVNGENCO1 expressed their interest in investing in several offshore wind power projects (located beyond the 6-nautical-mile zone from the low-water line of the mainland).

Vietsovpetro is a joint venture in the oil and gas sector, with Vietnam holding 51% of the charter capital and Russia, represented by Zarubezhneft, holding the remaining 49%.

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