PHNOM PENH, Aug 3, 2008 (AFP) - Kuwait's Prime Minister Sheikh Nasser Mohammed al-Ahmed al-Sabah arrived Sunday for trade talks in Phnom Penh, where he was expected to discuss Cambodia's fledgling oil and gas industry.
The Kuwaiti premier and Cambodian Prime Minister Hun Sen will on Monday sign agreements on trade and investment, Cambodian Foreign Minister Hor Namhong said, while energy cooperation will also top the agenda.
"During the talk, we will raise oil exploration cooperation ... cooperation in the oil and gas sector," Hor Namhong told reporters at the airport, where about 600 onlookers waved Kuwaiti flags in light rain.
Hor Namhong added that he hoped the visit would bring "fruitful" cooperation between Cambodia and oil-rich Kuwait.
Cambodia expects to begin oil production of its offshore fields in 2011, following the discovery of oil in 2005 by US energy giant Chevron.
Cambodia was quickly feted as the region's next potential petro-state, sitting on an estimated hundreds of millions of barrels of crude, and three times as much natural gas in six blocks located off its coast.
But it remains unclear how much of the black gold can be recovered, or whether any potential revenue would be used to benefit Cambodia, ranked among the world's most corrupt countries.
The Kuwaiti premier and Cambodian Prime Minister Hun Sen will on Monday sign agreements on trade and investment, Cambodian Foreign Minister Hor Namhong said, while energy cooperation will also top the agenda.
"During the talk, we will raise oil exploration cooperation ... cooperation in the oil and gas sector," Hor Namhong told reporters at the airport, where about 600 onlookers waved Kuwaiti flags in light rain.
Hor Namhong added that he hoped the visit would bring "fruitful" cooperation between Cambodia and oil-rich Kuwait.
Cambodia expects to begin oil production of its offshore fields in 2011, following the discovery of oil in 2005 by US energy giant Chevron.
Cambodia was quickly feted as the region's next potential petro-state, sitting on an estimated hundreds of millions of barrels of crude, and three times as much natural gas in six blocks located off its coast.
But it remains unclear how much of the black gold can be recovered, or whether any potential revenue would be used to benefit Cambodia, ranked among the world's most corrupt countries.
5 comments:
Hun Sen should build refinery to process oil. Derive products from oil will create many jobs and boost the economy.
12:11 am
DONT YOU WORRY, HUN SEN WILL MAKE HIS FAMILY ACCOUNT RICHER FROM THE ARAB MONEY1111
Well mind make everyone rich.
Oil refinery are already being built near Kampong Som(Sihanoukville). The question remains whether the public will be informed on the amount of oil found or will CPP downplay the situation and keep it hush-hush as to keep the public ill-informed of the country's new riches. It is a major possibility that the major CPP players will keep the money to themselves and spare nothing to the public, keeping them at a beggar state. So who wants the CPP as the leading "government" now?
A pessimistic scenario, but even if the cream of the revenue disappears into corruption, the basic fact remains that with the development of the oil refineries, export of oil and development of related industries as transportation, logistics and finance, will generate jobs and improve the lives of the people.
And sadly, this can only come about with political stability. However flawed it is at the moment.
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