Thursday, October 17, 2013

China to fund $1.67bn Cambodian oil refinery | The BRICS Post

The deal was signed by Exim Bank’s Chairman Li Ruogu (left)
and Hann Khieng President of local project partner Cambodian
Petrochemical Company (right) [Xinhua]

October 16, 2013, 8:49 am

The Export-Import Bank of China (Exim Bank) on Wednesday signed an agreement to fund a $1.67 billion loan to build a Cambodian oil refinery.

The deal was signed by Exim Bank’s Chairman Li Ruogu and Hann Khieng President of local project partner Cambodian Petrochemical Company.

The Cambodian petrochemical firm and several Chinese companies signed a Memorandum of Understanding in April to jointly build the five million tonne oil refinery project in Cambodia.

“The project will be hugely contributing to developing the economy and reducing poverty when it comes to fruition,” said Cambodia’s Deputy Prime Minister Keat Chhon who was present at the signing.

China has become Cambodia’s largest lender with a total of $9.17 billion of investment in the last 18 years, according to a government report released in February this year.

Cambodian Prime Minister Hun Sen on Monday urged China Petroleum & Chemical Corporation (Sinopec Corp), the world’s fourth-largest oil producer, to expedite the process to build the oil refinery by 2018, according to a spokesperson.

“Prime minister Hun Sen supported the project and urged the company to construct the oil refinery as soon as possible in order to enable Cambodia to produce oil by the latest 2018,” Eang Sophallet, spokesperson for Hun Sen, told reporters after the meeting.

“The premier also advised the firm to reduce impact on environment as much as possible,” added the spokesperson.

Cambodia and China have traditional ties that were further strengthened during the Cambodian prime minister’s visit to Beijing in April.

China pledged an additional $548 million in aid to Cambodia for infrastructure and irrigation systems, extending earlier long-standing assistance to its ASEAN (Association of Southeast Asian Nations) ally.

Source: Agencies


Anonymous said...

Hun sen is incompetences can't count,China. steals back their money and put the bill for next three generations of Khmer's childrens to pay for what Cpp borrowed.The borrowers are slave to the lenders! "Christian bible quotaction!" China loves to loan money to Cpp because they were incompetences....


Anonymous said...

The curse of the black gold will begin in 2018!....Cambodia will be poorer than before...The political rivalry will intensify...The instability in all of Cambodia....Cambodia will the next Nigeria in the making!

Anonymous said...

China loves to do business with Cambodia or CRIMINAL CPP, because it's easy money for them, since CRIMINAL CPP doesn't give a shit about interest or debt for Khmer peoples to pay.
"WHAT A SHAME" Chinese EVIL gold digger.

Anonymous said...

All Cambodians have to pay attention on that trick. Keat chhon has been a China's servant since 1970 when he joined the Sihanouk's movement in China He and Sihanouk who appealed to Cambodians to go in the Maki jungle to fight with Lon Nol's regime. He was also a Khmer Rouge high rank official and a former
Khmer Rouge Ambassador to the UN sometimes in 1979 or 1980 to
1992. So, he is a real communist and against with the democratic country especially, US. Thus, he really likes to deal with China and Chinese state own companies and sell Cambodia to the communists
through by that tactic. He is a real traitor and killer as well.

Anonymous said...

I'm all about developement and bringing in foreign investors. But, don't fu#&ing build factories in the middle of cities where majority of khmers population reside. Those factories' residue will degrade our healths...pollute our water....and cause cancer. Many corrupted city mayors allow such factory to erect right in the middle of cities. And they dump their waste with no mercy. Enviromental NGOs, Please help us, khmers!!!!!!!!!!!please.....please....please...please!!!!!