Cambodia's Oil Becomes Concerning
Monday, May 07, 2007
Corruption makes many Cambodian are concerning about the processing of oil in Cambodia. Mr. Joseph Mussomeli, US Ambassador said that he believes this is Cambodia's last best change to take its place in the world and the region, if not, Cambodia is going to be a basket case into the nest country.
Cambodia has six potential fields in the Gulf of Thailand, more than 160 km off Sihanoukville, as well as several other fields in areas that that are deputed by Thailand.
Onshore, mining companies have found deposits of a variety of minerals, primarily bauxite and gold that could add to the country's riches.
The rush of foreign countries whose oil companies have staked claims includes China, which controls one of the six potential fields in the gulf. China has become Cambodia's biggest commercial investor and its hungriest consumer of raw marerials, pushing ahead with major hydropower and road-building projects.
In early 2005, in the first of the six Gulf of Thailand fields to be explored, Chevron said it had found oil in four out of five wells. Two more rounds of exploratory drilling have followed.
If used wisely--as Hun Sen promises it will be--oil wealth could be the salvation of this country of 14 million, where 35 percent of the population lives on less than $0,50 a day.
In oil processing he will try his best to make sure that the oil income is a blessing, not a curse. These revenues will be directed to productive investment and poverty reduction, Hun Sen said
