September 26, 2022

Cambodian Government Boosts Oil and Gas Investment

The Royal Government of Cambodia has encouraged national and international investors to invest in oil and gas sector in the country, as the demand for oil and gas is on the rise.
The remark was made by H.E. Suy Sem, Minister of Mines and Energy in the 2nd Oil, Gas and Power Cambodia 2022 conference held here on July 27.
“The Royal Government of Cambodia encourages the national and international private sector to invest in the downstream sector, such as refining, importing, storing transporting and distributing petroleum and petroleum products to ensure the supply of oil and gas for consumers and other development sectors,” he said.
The demand for petroleum products in Cambodia is projected to rise to 4.8 million tonnes in 2030, up from 2.8 million tonnes in 2020, he pointed out, adding that the demand will increase to 8.3 million tonnes in 2040.
Currently, Cambodia imports petroleum products from Vietnam, Singapore and Thailand. The country imported US$971 million worth of petroleum and diesel in the first five months of 2022, up 57 percent from US$617 million over the same period last year.
The Ministry of Commerce has explained that oil prices in Cambodia have soared since the Russia-Ukraine crisis burst out in February.

Source: Agency Kampuchea Press

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