Cambodia is preparing an oil and gas management law in anticipation of oil and gas revenues from its offshore areas starting from 2009 or 2010, an official said in Phnom Penh on Wednesday.
"We have to have the legal framework in order to avoid 'oil curse.' We have learned lessons from other countries bound with such a curse, especially Nigeria," Phan Sina, chairman of the Investment Committee of the Cambodian National Assembly, told a seminar named as "Avoid the Oil Curse."
Cambodia is trying to find legal assistance and technique from international institutions to help to prepare the law, he said.
Currently, Cheveron from the united states, LG from South Korea, and a Japanese company have invested and conducted exploration in the oil and gas fields in the Cambodian Sea, he said.
"Except for the Cambodian Sea, we also have oil and gas in the Tonle Sap Lake, so we have to establish a clear legal framework to manage oil and gas benefits," he said.
"Personally, I hope the oil and gas revenues will help the micro-finance sector, because 80 percent of the Cambodian people are farmers, who need to benefit from the micro-finance sector and reduce their poverty," he added.
Earlier this year, Prime Minister Hun Sen said that much of the oil and gas revenues will be spent in education and health sectors to develop the kingdom with 35 percent of its people still living in poverty.
At least 700 million barrels of crude oil are estimated to lie off Cambodia's coast and the government expects to collect revenues from petroleum by as early as 2010.
"Oil curse" used to mean that countries rich in oil can't benefit from the resource but instead become trapped with corruption and injustice due to their poor management capability. Some African countries, including Nigeria, are usual cases in point.
Source: Xinhua
"We have to have the legal framework in order to avoid 'oil curse.' We have learned lessons from other countries bound with such a curse, especially Nigeria," Phan Sina, chairman of the Investment Committee of the Cambodian National Assembly, told a seminar named as "Avoid the Oil Curse."
Cambodia is trying to find legal assistance and technique from international institutions to help to prepare the law, he said.
Currently, Cheveron from the united states, LG from South Korea, and a Japanese company have invested and conducted exploration in the oil and gas fields in the Cambodian Sea, he said.
"Except for the Cambodian Sea, we also have oil and gas in the Tonle Sap Lake, so we have to establish a clear legal framework to manage oil and gas benefits," he said.
"Personally, I hope the oil and gas revenues will help the micro-finance sector, because 80 percent of the Cambodian people are farmers, who need to benefit from the micro-finance sector and reduce their poverty," he added.
Earlier this year, Prime Minister Hun Sen said that much of the oil and gas revenues will be spent in education and health sectors to develop the kingdom with 35 percent of its people still living in poverty.
At least 700 million barrels of crude oil are estimated to lie off Cambodia's coast and the government expects to collect revenues from petroleum by as early as 2010.
"Oil curse" used to mean that countries rich in oil can't benefit from the resource but instead become trapped with corruption and injustice due to their poor management capability. Some African countries, including Nigeria, are usual cases in point.
Source: Xinhua
5 comments:
No Oil, CPP Corrupted.
Oil comes, CPP will be more Corrupted.
Don't need to look at Nigeria or other country.
Look at the present now, Foolish.
More money will be deposited in CPP individual bank account.
Again the corrupted International.
Why do we have to go to such length
went we got plenty of honest
masters nearby? I mean Vietnam,
Brunei, Somdach Euv, Singapore,
Hun Sen, Japan, ..., and China.
This law on oil management is very important for Cambodia. But so far all laws are just paper or toilet papers! Let hope that all laws including this new one, be be enforced.
Before passing the law on oil management, the governemnt must manage with transparency the Rubber plantation companies. So far these companies are real Maffiosis who give money to the CPP.
if there no change in rubber company managemnt, it will be the same for the oil, should any strong law be passed by the NA.
8:56, law enforcement are not free.
So send in the cashes if you want
to see better law enforcement.
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