Cambodia to use income from oil sector on infrastructure development

• 2 October 2019
• Uncategorized
• 2699 Views

The Cambodian government has announced that income from the oil sector will be used to build infrastructure such as roads, bridges, and airports.

The remarks were made ahead of the first drop of oil expected to be extracted in Cambodian waters by the end of this year or earlier next year.

Speaking at a graduation ceremony held this morning, Samdech Techo Hun Sen, Prime Minister of Cambodia, said that, “the budget from upcoming natural resources, particularly oil, we won’t use as a current account, for current expenses as other expenses. The goal of the expense of budget from natural resources is for use on the infrastructure sector.”

“We are optimistic on the matter. Why? By now, we have not used any natural resources, not yet used even a drop of oil, but we can survive. So, when the income from the natural resources, particularly from the oil sector is available, we have to use on expenditure on infrastructure development,” Samdech Techo Hun Sen explained.

The infrastructure development includes building roads, bridges, ports, airports, schools, and hospitals.

Currently, Singapore-based KrisEnergy is developing the Block A oilfield in Cambodia’s territorial waters. According to the Ministry of Mines and Energy, the first drop oil is expected to be drilled out late this year or earlier next year.

• Policy and Strategy