Wind Energy – Subsea Cable Partership
LS C&S Asia from South Korea announced on October 12 that the company has signed an MoU for a submarine cable business partnership with PetroVietnam Technical Services Corporation (PTSC) of Vietnam.
PTSC is a subsidiary of the state-owned petroleum gas company, PetroVietnam, and it provides technical services including facility operations, maintenance, and research for the energy and petroleum industries.
Starting with Vietnam, LS C&S Asia and PTSC will explore various business opportunities across ASEAN countries.
Vietnam is currently in the process of building an offshore wind farm with an output of approximately 10GW, which is due for completion by 2030. In terms of output, this wind farm will be among the top 5 in Asia, following others in Korea and Taiwan.
A spokesperson for LS C&S Asia said: “This MoU is significant in the sense that LS C&S Asia is aiming to become a first mover in other submarine cable markets based on its 30 years of local business experience and capabilities.”