cellcard cellcard

Investment in extractive industry worth 1.3 billion

Chea Vannak / Khmer Times Share:
Suy Sem, Minister of Mines and Energy, during the ministry meeting yesterday. Facebook

Foreign direct investment (FDI) in the extractive industry, including some projects expected to be approved before the end of the year, now equals $1.3 billion, making it one of the most valuable economic sectors in the kingdom, according to data from the Ministry of Mines and Energy.

“Investment projects that have been approved already or will be approved this year for mining and oil extraction amount to $1.3 billion,” said Minister of Mines and Energy Suy Sem speaking during a ministry meeting yesterday.

“This investment will boost the sector, making it one of the biggest in the kingdom for 2018-2019.”

Yos Monirath, ministry spokesman, said most investment is going towards oil extraction, with only two big projects in mining, representing a comparably small investment.

“We currently have two big mining projects – one in Ratanakkiri and another in Mondulkiri. In Ratanakkiri we are now building the infrastructure, while the project in Mondulkiri was recently submitted to the Council for the Development of Cambodia for approval.”

KrisEnergy, the Singaporean oil and gas company operating Cambodia’s offshore Block A in the Gulf of Thailand, announced in October that it has reached a final investment decision to proceed with the first phase of development for the Apsara oil field, and expects to begin oil production in 2019.

Other companies have recently submitted feasibility studies for mining projects, Mr Monirath said, although he did not go into details or named specific companies.

Since the ministry was established in 2013, non-tax revenue has increased tenfold, reaching $18 million a year in 2016, according to Minister Sem.

Previous Article

Trump faces pushback on tariffs, says he will not back down

Next Article

Cambodia to be a digital economy by 2023