Ministry of Mines & Energy Embarks on Strategic Refinery Investments to Bolster Oil Supply

• 28 November 2024
• Local News
• 1447 Views

The Ministry of Mines and Energy has unveiled plans to invest in refinery projects to secure a stable and sustainable oil supply for Cambodia, with projections to generate approximately USD 12.35 million in state revenue by 2024.

During the ministry’s annual meeting on 21 November 2024, HE Keo Rattanak, Minister of Mines and Energy, emphasized the importance of establishing strategic oil reserves and attracting investment in both onshore and offshore oil exploration.

“In the near future, the ministry plans to seek Royal Government support for refinery investment projects, including defining the scope of Cambodia’s strategic oil reserves,” Minister Keo Rattanak stated.

He also highlighted the need to improve safety measures for the transportation, storage, and distribution of petroleum products while enhancing standards to attract more refinery investments.

The initiative aligns with broader efforts to identify and partner with potential investors for the development of Block A, Cambodia’s key offshore oil field. Recently, four companies submitted proposals for advancing oil exploration in the block, a critical component of the country’s energy strategy. (Read more)

Further bolstering its plans, the ministry has committed to tightening safety protocols in the petroleum sector while advocating for the establishment of additional refineries. These measures are expected to address Cambodia’s relatively small oil market while paving the way for sustainable growth and development.

• Policy and Strategy
• Energy and Environment