LS Cable Asia Signs Undersea Project MOU with State-Owned PetroVietnam Group

Vietnam Ranks in Asia's Top 5 for Offshore Wind Power
"Synergy with LS Marine Solution's Entry into Taiwan"

LS Cable & System's subsidiary, LS Cable Asia, is expanding its subsea business by partnering with Vietnam's state-owned oil and gas company, PetroVietnam Group. With another subsidiary, LS Marine Solution, also planning to enter the Taiwanese market, synergy effects are expected in LS Cable's subsea cable business across Asia.

On the 12th, LS Cable Asia announced that it signed a Memorandum of Understanding (MOU) for subsea cable business cooperation with PTSC (PetroVietnam Technical Services Corporation), a subsidiary of PetroVietnam. PTSC provides services in oil, gas, and energy sectors including extraction, port operations, and installation and operation of wind power facilities.

LS Cable Asia and PTSC plan to jointly explore subsea business opportunities in ASEAN countries, starting with Vietnam. Vietnam aims to build approximately 6GW of offshore wind farms by 2030, ranking among the top five in Asia.

Lee Sang-ho, CEO of LS Cable Asia (left), and Le Manh Cuong, President of PTSC, are posing for a commemorative photo at LS Yongsan Tower in Yongsan-gu, Seoul.
[Photo by LS Cable]

Demand for power grid interconnections among ASEAN countries is also increasing. PTSC is promoting subsea cable construction between Vietnam and Singapore. Both companies expect to expand their business to ASEAN countries surrounding Vietnam.

An LS Cable Asia official stated, "This MOU is significant as LS Cable Asia, the number one power cable company in the Vietnamese market, aims to secure a leading position in the subsea cable market based on 30 years of local business experience and capabilities."

This content was produced with the assistance of AI translation services.