Cambodia releases oil industry regulations

PHNOM PENH, Cambodia, March 27 (UPI) -- Cambodia has released its sustainable oil and gas plan.The country, which plans to have its developing oil and gas industry up and running by 2010, now has a detailed plan including a regulatory framework and human resources department, Xinhua reported.Officials are sure that through sustainable economic development of their oil and gas sector, they can reduce poverty.The government is focused on long-term benefits instead of short-term gains, said Sok An, deputy prime minister of Cambodia and chairman of the Cambodian National Petroleum Authority. Arne Walther, the former secretary-general of the International Energy Forum, explained how Norway had become the model for prudent use of resource wealth when huge offshore resources were discovered there in the 1970s. She urged Cambodia to adhere to transparent rules and regulations, as they were a vital part of the process for Norway. She also said the country set up a National Oil Account for revenues from its natural resources.