Russian investment sought for oil sector

Russian investment sought for oil sector

Cambodia has invited Russian investors to consider taking part in Cambodia’s oil sector. The invitation was made following Cambodia’s recent start of oil production in its maritime territory.

In a meeting with Russian Ambassador to Cambodia Antoly Boravik, on Jan 27, Minister of Mines and Energy Suy Sem said that while there is significant Russian investment in Cambodia, there has yet to be any made in the Kingdom’s oil sector.

Sem expressed his appreciation for the level of cooperation between the governments of Cambodia and Russian in his remarks wishing to see this to expand into the oil sector.

According to the ministry, oil extracted from the Apsara field, owned by Singapore-based KrisEnergy, is intended for export as Cambodia currently imports refined oil to supply its oil demand because of the lack of a domestic refinery. The Kingdom’s first domestic refinery plant project, located in Preah Sihanoukville province, has been delayed by the financial effects of the pandemic.

The Russian ambassador expressed congratulations to Cambodia on the country’s achieving its first oil extraction and said he aimed to enhance the two nations’ cooperation especially in the area of bilateral trade.

Trade between the two countries amounted to more than $55.39 million in 2020, a decline of 40.44 per cent from the $93.00 million recorded in 2018, according to the Ministry of Commerce.

Cambodia’s 2020 exports to Russia reached $51.7 million, up 27.08 per cent over 2019. Imports from Russia reached $3.69 million in 2020. Khmer Times