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Vietnam’s Nationwide Oil and Fuel Group mentioned Norwegian companions assist it develop the offshore wind trade when it comes to applied sciences and finance.
Norwegian largest power firm, Equinor, formally opens its consultant workplace in Hanoi, reaffirming Norway’s willingness to contribute to the event of Vietnam’s offshore wind trade.
Ambassador of Norway to Vietnam Grete Løchen delivers speech on the opening ceremony of Equinor’s workplace held in Hanoi on Might 5. Photographs: Embassy of Norway in Hanoi
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As one of manymain world power suppliers, the presence of Equinor within the nation marks an necessary milestone within the Norway-Vietnam enterprise cooperation portfolio and reiterates Norway’s willpower to be a part of Vietnam’s inexperienced transition course of and implementation of the Paris Settlement and the nation’s commitments made in COP26, in line with Ambassador of Norway to Vietnam Grete Løchen.
Ambassador Løchen referred to as the opening of Equinor’s nation workplace in Hanoi “a really large achievement”. Its imaginative and prescient to develop offshore wind in Vietnam will “positively entice different Norwegian companies to Vietnam” along with those that are investing and creating within the power trade within the nation, boosting the cooperation on this sector.
“Now we have to remodel the best way we produce and devour power if we wish to obtain the objectives envisioned within the Paris Settlement and COP26. For this trigger, Norway will proceed its lively engagement in worldwide local weather diplomacy and work in the direction of additional strengthening world cooperation on this course of,” Ambassador Grete Løchen mentioned on the opening ceremony of Equinor’s workplace in Hanoi on Might 5.
“I believe we now have numerous expertise and data to share with Vietnam. Each Norway and Vietnam are coastal nations and the ocean economic system is so necessary to each nations,” Ambassador Løchen shared with The Hanoi Instances. “Norway has an extended historical past of offshore set up in oil and gasoline and many this know-how and expertise we will switch to offshore wind and that’s why Equinor or an organization like it is vitally effectively positioned to share their expertise and know-how with Vietnamese companions in unavoidable power transition in Vietnam,” the ambassador added.
Norway will double its local weather finance by 2026 together with a plan for allocating NOK10 billion (US$1 billion) over 5 years to a brand new local weather fund, which will probably be managed by Norfund, the Norwegian Fund for Creating Nations. It should then be made obtainable for funding in renewable power in creating nations like Vietnam. In Asia, Vietnam can be prioritized to get Norway’s help in inexperienced power transition and greener power combine, acknowledged the ambassador.
Pham Tien Dung, Vice President of Vietnam’s Oil and Fuel Group (PetroVietnam), speaks on the occasion.
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Equinor: long-lasting accomplice in Vietnam power trade
Addressing the occasion, Pham Tien Dung, Vice President of Vietnam’s Oil and Fuel Group or PetroVietnam (PVN), mentioned: “Equinor and PetroVietnam have many issues in frequent as we’re each state oil and gasoline companies, which wish to rework into power corporations. We very a lot worth credibility, expertise, experience and applied sciences of Equinor in that transformation course of.”
Equinor’s operations in Vietnam dated again to early Nineteen Nineties when it joined BP plc within the Nam Con Son Fuel Venture in Ba Ria-Vung Tau Province.
For PetroVietnam, the nationwide oil and gasoline company enjoying an necessary position within the nation’s power safety, embarking on power transition is indispensable and partnering with worldwide skilled corporations within the course of turns into a proper step ahead, Dung advised The Hanoi Instances.
He mentioned, to pursue Vietnam’s web zero journey till 2050, it’s essential to hunt overseas companions with superior applied sciences and monetary strengths to make the help stronger and broader, largely in offshore wind energy, which stays fledgling in Vietnam.
The assist, coupled with higher regulatory framework, would allow Vietnam to develop the potential wind trade and increase to initiatives overseas sooner or later, Dung added.
“To us, Equinor is the principle and necessary accomplice in renewable power portfolio notably offshore wind,” he emphasised.
Based in 1972 because the Norwegian State’s Oil & Fuel Firm (Statoil), Equinor has grow to be a global firm with operations in 33 nations and now’s a number one firm within the power transition.
In its lengthy historical past of offshore building, Equinor develops the world’s first floating wind turbine, the world’s first full-fledged floating wind farm, and is quickly gaining floor within the fastened offshore wind market with many massive backside fastened initiatives all around the globe, together with in North and South America, Africa, Europe, and Asia.
In October 2021, Equinor, along with the Norwegian Embassy in Hanoi, accomplished a Vietnam Provide Chain Research Report and handed it over to Vietnamese Minister of Trade and Commerce Nguyen Hong Dien proper earlier than his journey to COP26 with Vietnamese Prime Minister Pham Minh Chinh.
Along with its native accomplice, PVN, Equinor has utilized for initiatives in 5 provinces in Vietnam particularly Ba Ria – Vung Tau, Binh Thuan, Ninh Thuan, Haiphong, and Thai Binh.
Equinor’s Senior Vice President Jens Olaf Økland on the opening ceremony.
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“We’re wanting ahead to collaborating with PVN, a robust native accomplice, to evaluate the potential early and at scale in what might grow to be a really attention-grabbing progress marketplace for offshore wind. As corporations, we now have each a robust oil and gasoline background and the mixture of PVN’s robust native presence with Equinor’s offshore wind expertise, offers a stable start line for progress and worth creation,” mentioned Equinor’s Senior Vice President Jens Olaf Økland.
As well as, Vietnam is without doubt one of the worlds’ quickest rising economies and energy markets. With its lengthy shoreline and favorable wind situations, the nation has among the many finest wind assets in Asia and a robust need to develop an offshore wind market, he famous.
“We consider Vietnam has excessive potential to grow to be an attention-grabbing progress marketplace for offshore wind. Equinor desires to participate in maturing the offshore wind trade in Vietnam and is due to this fact completely happy to ascertain native presence in Hanoi. Along with our native companions, our ambition is to make the most of our offshore expertise and broad power competence to assist Vietnam’s power transition, paving the best way for renewables progress”, Jens Olaf Økland talked with The Hanoi Instances.
In keeping with him, Norway has been actively supporting inexperienced transition efforts globally. Technically, they construct on their world-leading competence and know-how from the oil and gasoline trade in new sectors, together with offshore wind energy, hydrogen, carbon seize and storage, and inexperienced transport.
With the institution of its native presence in Vietnam, Equinor desires to make use of its expertise and competence along with its native accomplice, PetroVietnam, to efficiently develop Vietnam’s offshore wind trade by implementing profitable offshore wind initiatives; enhance native competence and capability; construct a robust native provide chain for offshore wind trade; create extra expert jobs regionally; generate energy at decrease prices; step by step make renewable power inexpensive for all; and help Vietnam’s inexperienced transition agenda and implementation of its worldwide commitments on local weather and setting.
Intimately, Jens Olaf Økland mentioned Equinor has lengthy expertise shifting in markets and creating the offshore trade along with governments and all stakeholders. In the meantime, Vietnam has an excellent start line because it has numerous expertise in oil and gasoline exploitation which is an effective basis for either side to conduct a provide chain.
He shared that it’s a bit early to inform on the timing of funding however clearly Equinor may be very wanting to contribute and take part within the offshore wind in Vietnam.
It’s additionally necessary to get a regulatory framework in place as traders at all times want predictability, he mentioned, noting that Equinor is able the place they’ve a really robust stability sheet so they are going to have the ability to finance these investments on their very own.
Ambassador Grete Løche with representatives of PetroVietnam and Equinor.
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Hanoi Instances
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