Potential oil reserves put Cambodia into limelight
Some 700 million to 2 billion barrels of estimated oil reserves off the Cambodia coast have attracted worldwide attention, putting the impoverished kingdom into limelight.
While attending the 2007 Cambodia Economic Outlook Conference here Thursday, Prime Minister Hun Sen confirmed in high tone the discovery of oil reserves in his country to over 100 domestic and international decision-making participants.
"The revenues from the recently confirmed discovery of oil reserves will provide additional money for financing development projects in Cambodia. These revenues will be directed to productive investment and poverty reduction," he said.
This presents opportunity to bolster Cambodia's medium- and long-term growth, promote greater economic diversification and poverty reduction, he said.
"We will make sure that oil is a blessing but not a curse," he added, obviously relating recent reports that the upcoming wealth acquired through extraction of the natural resource might only benefit the powerful groups and thus create more disparity between the rich and the poor.
On Friday at the same meeting, U.S. Ambassador Joseph Mussomeli expressed his concern in this regard, saying that the Cambodia government should avoid the situation that "a small corrupt elite siphons off revenue that should go to improving the welfare of all the people."
Leaders of the countries should have the political will to demand that the revenues from these extractive industries be used solely for the improvement of the country, he said.
"In his open and eloquent speech yesterday (Thursday), Prime Minister Hun Sen showed his intent to demonstrate just such political will" and many officials within the government also " recognize and have been working to responsibly manage Cambodia's extractive industries," he said.
In addition, the ambassador recommended the kingdom to properly manage the development of its extractive industries.
"First, we applaud the Cambodian government for considering the Extractive Industries Transparency Initiative (EITI) and we hope that Cambodia will soon become an EITI Implementing Country," he said.
The ambassador noted in his speech that the extractive industries, namely oil, gas and various types of mining, in the next three years could more than triple the annual revenue received by the Cambodian government.
He also quoted a UN Development Program (UNDP) study as saying that future oil revenues alone could provide over three times the kingdom's official development assistance received in 2005.
Also on Friday, Douglas Gardner, UNDP Resident Representative in Cambodia, told reporters that Cambodia is likely to see revenues from its potential oil wealth as early as in 2010, which could lift the kingdom out of poverty.
He estimated that oil production could annually bring 1.7 billion U.S. dollars for Cambodia at 60 U.S. dollars per barrel.
Oil buzz started in Cambodia in 2005, when U.S. energy giant Chevron Corp discovered petroleum off its coast, striking black in four of five test wells.
Since then, firms from France, South Korea and Japan have been reportedly seeking for exploration licenses from the Cambodian government.
The government declines to give exact figures about the oil reserves. The World Bank has put them at 2 billion barrels while the UNDP confirmed 700 million barrels.
Currently, some 35 percent of Cambodia's 14 million people live in poverty and 50 percent of its national budget comes from foreign aid.
Source: Xinhua
While attending the 2007 Cambodia Economic Outlook Conference here Thursday, Prime Minister Hun Sen confirmed in high tone the discovery of oil reserves in his country to over 100 domestic and international decision-making participants.
"The revenues from the recently confirmed discovery of oil reserves will provide additional money for financing development projects in Cambodia. These revenues will be directed to productive investment and poverty reduction," he said.
This presents opportunity to bolster Cambodia's medium- and long-term growth, promote greater economic diversification and poverty reduction, he said.
"We will make sure that oil is a blessing but not a curse," he added, obviously relating recent reports that the upcoming wealth acquired through extraction of the natural resource might only benefit the powerful groups and thus create more disparity between the rich and the poor.
On Friday at the same meeting, U.S. Ambassador Joseph Mussomeli expressed his concern in this regard, saying that the Cambodia government should avoid the situation that "a small corrupt elite siphons off revenue that should go to improving the welfare of all the people."
Leaders of the countries should have the political will to demand that the revenues from these extractive industries be used solely for the improvement of the country, he said.
"In his open and eloquent speech yesterday (Thursday), Prime Minister Hun Sen showed his intent to demonstrate just such political will" and many officials within the government also " recognize and have been working to responsibly manage Cambodia's extractive industries," he said.
In addition, the ambassador recommended the kingdom to properly manage the development of its extractive industries.
"First, we applaud the Cambodian government for considering the Extractive Industries Transparency Initiative (EITI) and we hope that Cambodia will soon become an EITI Implementing Country," he said.
The ambassador noted in his speech that the extractive industries, namely oil, gas and various types of mining, in the next three years could more than triple the annual revenue received by the Cambodian government.
He also quoted a UN Development Program (UNDP) study as saying that future oil revenues alone could provide over three times the kingdom's official development assistance received in 2005.
Also on Friday, Douglas Gardner, UNDP Resident Representative in Cambodia, told reporters that Cambodia is likely to see revenues from its potential oil wealth as early as in 2010, which could lift the kingdom out of poverty.
He estimated that oil production could annually bring 1.7 billion U.S. dollars for Cambodia at 60 U.S. dollars per barrel.
Oil buzz started in Cambodia in 2005, when U.S. energy giant Chevron Corp discovered petroleum off its coast, striking black in four of five test wells.
Since then, firms from France, South Korea and Japan have been reportedly seeking for exploration licenses from the Cambodian government.
The government declines to give exact figures about the oil reserves. The World Bank has put them at 2 billion barrels while the UNDP confirmed 700 million barrels.
Currently, some 35 percent of Cambodia's 14 million people live in poverty and 50 percent of its national budget comes from foreign aid.
Source: Xinhua
4 comments:
Cambodia's poverty reduction did
not happen with massive foreign aid
because the aids went up the
massive assholes of KK KI Media.
For sure? Then the KI media would be rich to buy post1:48's head to give it to Ah Youn puppet Khvak for his meal so that both of them can have same coocoo head. You deserve for what you have commented above. Great job for keeping up such extremely nice comment for KI Media, post1:48!!!!
I just would like to let you know that do not pay attention to Khmeng Wath Knoung Srok's comment any more because he is evil. When he was born his mother was busy fucking with Hun Sen's father.....Fuck Kheng Wath Knong Pieng Prahouk.. ha..ha..ha..
Yep, and KK and their KI Media
massive assoles, have indeed
stolen the massive aids from our
poors, and leave them to suffer
forever.
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