Allegedly Stolen 280,000 Barrels of Crude Oil Returned to Cambodia; Sold for US$25m

• 14 October 2022
• Local News
• 1112 Views

Over 280,000 barrels of crude oil, the first commercial production in Cambodia’s history, have returned home after being allegedly stolen and shipped out of the country without the government’s acknowledgment last year.

Ministry of Mines and Energy spokesman Meng Saktheara said on 12 October that the oil was sold for more than US$25 million in September, which is considered historic revenue for Cambodia.

“After the announcement of the bankruptcy of KrisEnergy and the departure of the tanker from Cambodia last year, most people said Cambodia faces failure in its oil production and lost all the first oil production. However, it was not true. Cambodia has regained its resources back in full,” said HE Meng Saktheara.

“Cambodia’s oil production process does not end with the bankruptcy of KrisEnergy. With the existing infrastructure system and initial capital from the sale of oil, the gov’t can continue to process at the five wells to extract more than 100,000 barrels and can even drill additional wells to produce more,” he added.

According to the spokesman, a total of 280,656 barrels of crude oil were returned to Cambodia. In September, Cambodia sold the oil at US$25,222,554.72. After cost deduction, the sale revenue was at approximately US$20 million. Cambodia has right to 70% of the amount, which is US$14 million.

Besides, Cambodia also earned US$5 million in revenue from the foreclosure of KrisEnergy’s collateral deposited prior to bankruptcy plus the existing facilities and oil production vessels at the production site.

• Energy and Environment