Cambodia's Prime Minister Hun Sen, center, smokes as he sits with Interior Minister Sar Kheng, left, and Finance Minister Keat Chhun, right, during the inauguration of the China-funded construction of a bridge in Mouk Kampoul district, Kandal province, some 20 kilometers (12 miles) north of Phnom Pen, Cambodia, Wednesday, June 6, 2007. Hun Sen said Wednesday that there is still uncertainty about commercial viability of Cambodian offshore oil potential, apparently backtracking from his previous optimistic notes on the subject. (AP Photo/Heng Sinith) 2007-06-06
MOUK KAMPOUL, Cambodia (AP) - Prime Minister Hun Sen said Wednesday that there is still uncertainty about the commercial viability of Cambodian offshore oil deposits, qualifying his earlier optimism over their potential.
In February, Hun Sen raised hopes of a brighter future for his impoverished nation when he said Cambodia expects to begin tapping oil revenues in 2010.
«Whether it will be a curse or blessing, in fact it is still under the seabed, and it is still unknown how much there is,» he said Wednesday.
«What if one day companies say, 'Oh, no, after exploration, it has no commercial viability?' Oil under the sea is still a dream,» he said.
Hun Sen spoke during a ceremony to begin construction of a Chinese-funded bridge at a village about 20 kilometers (12 miles) north of the capital Phnom Penh.
China is among several countries that have lined up for opportunities to explore oil off the coast of Sihanoukville, in Cambodia's southwest.
U.S. energy giant Chevron Corp. discovered oil in 2005 off the Cambodian coast, 145 kilometers (90 miles) southwest of Sihanoukville. The company found oil in four wells in an area called Block A, and plans to drill 10 more wells by the end of 2007.
Critics and observers have expressed concerns that increased income from oil could exacerbate Cambodia's already widespread corruption if the government fails to develop proper legal environment to manage the expected revenues.
Hun Sen said Wednesday he is fed up with that point of view, and that «it is better to think about how to maintain growth of the current economy.»
In a statement issued Tuesday at the end of a mission to Cambodia Tuesday, an International Monetary Fund delegation warned that there is still much uncertainty about whether Cambodia will become a significant oil producer.
The IMF said it would be «imprudent» for the government to undertake any large commercial borrowing or begin any major oil infrastructure projects «given the substantial uncertainty still surrounding the level of reserves and the timing of production.»
In February, Hun Sen raised hopes of a brighter future for his impoverished nation when he said Cambodia expects to begin tapping oil revenues in 2010.
«Whether it will be a curse or blessing, in fact it is still under the seabed, and it is still unknown how much there is,» he said Wednesday.
«What if one day companies say, 'Oh, no, after exploration, it has no commercial viability?' Oil under the sea is still a dream,» he said.
Hun Sen spoke during a ceremony to begin construction of a Chinese-funded bridge at a village about 20 kilometers (12 miles) north of the capital Phnom Penh.
China is among several countries that have lined up for opportunities to explore oil off the coast of Sihanoukville, in Cambodia's southwest.
U.S. energy giant Chevron Corp. discovered oil in 2005 off the Cambodian coast, 145 kilometers (90 miles) southwest of Sihanoukville. The company found oil in four wells in an area called Block A, and plans to drill 10 more wells by the end of 2007.
Critics and observers have expressed concerns that increased income from oil could exacerbate Cambodia's already widespread corruption if the government fails to develop proper legal environment to manage the expected revenues.
Hun Sen said Wednesday he is fed up with that point of view, and that «it is better to think about how to maintain growth of the current economy.»
In a statement issued Tuesday at the end of a mission to Cambodia Tuesday, an International Monetary Fund delegation warned that there is still much uncertainty about whether Cambodia will become a significant oil producer.
The IMF said it would be «imprudent» for the government to undertake any large commercial borrowing or begin any major oil infrastructure projects «given the substantial uncertainty still surrounding the level of reserves and the timing of production.»
3 comments:
Ah Hun will die soon by chain smoking. Look at this idiot role model, he never cares or respects others at all. It's sad to see Cambodians still elected this uneducated, one eye former Khmer Rouge to be their leader.
The different between the real amount of oil found and actually declear by the CPP is equal to amount in the offshare bank account.
Look at the man on Hun Sen's left: An always smiling Keat CHhon, minister of Finance, a highly French-Educated (Ingenieur nucleaire et Ingenieur des genies naritimes). He turned to be an opportunist and a DEAD FISH at all times.
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