Rasmey Kampuchea newspaper
4th November, 2008
Translated from Khmer by Khmerization
Mr. Sok An, Deputy PM and Minister in charge of the Council of Ministers, has told IMF officials that the Cambodian government has not received any clear answers from Chevron of when they can extract oil off the Cambodian coast.
On 3rd of November, Mr. Sok An has led a delegation to meet with officials from the IMF, led by Mr. David Cowen (spelling?), head of IMF’s Pacific region.
In the meeting, Mr. Cowen sought to find out about oil explorations in Cambodia and about mineral exploration concessions in Cambodia.
Mr. Penn Ngoeun, spokesman for the Council of Ministers, said that, during the meeting the IMF’s officials wanted to know about the size of the oil and gas deposits in Cambodia and also wanted to know the time that those oil and gas deposits can be extracted.
Mr. Sok An has told the IMF’s officials that there are some successes in the oil explorations. These successes have come from the Chevron’s concessions, a reputable American company, which the government hope will be able to extract oils and gases in the near future. And after Chevron knew about the amount of the oil and gas deposits, they will have to negotiate with the Ministry of Finance in relations to the rate of tax it has to pay and the share ratio between the Cambodian government and Chevron. This contract has not been worked out yet. Mr. Sok An said that this sort of contract is very complex, but he stated that he will push for it to be finalised soon.
When the contract with the Ministry of Finance is finalised, Chevron will have to design a master plan of its oil exploration works.
Mr. Sok An has said that Chevron has not told the government of when it can extract the oil deposits. Chevron has told the government that it can extract oils by 2010 but later said 2011 and later said maybe after 2012.
The meeting with the IMF’s official has also focussed on the economic slowdown of the Cambodian economy as well.
Mr. Sok An said that the IMF’s forecasts have affected the Cambodian economy. The IMF claimed that Cambodia has 3 important sectors that can help the economic growths and they are: textile industry, tourism industry and agriculture. The textile and tourism industries are affected by the downturn in world economies. In the agricultural sector, the IMF has evaluated 2 factors that can be affected by the downturn in world’s economies. First, the appreciation of the dollars which makes the buyers paying more for exports from Cambodia. This can lead to the buyers cutting down their orders and it can cause a drop in foreign investments. So, the IMF’s forecasts for Cambodian economic growth is only 7% for this year and next year.
IMF has was also worried about the low salary of the Cambodian public servants in comparisons with other countries. It said that this level of salary will affect the performances and productivity of those public servants. IMF recommend that Cambodia reform its public service sector so that the public servants can receive better pays and therefore can increase their performances and productivity.
4th November, 2008
Translated from Khmer by Khmerization
Mr. Sok An, Deputy PM and Minister in charge of the Council of Ministers, has told IMF officials that the Cambodian government has not received any clear answers from Chevron of when they can extract oil off the Cambodian coast.
On 3rd of November, Mr. Sok An has led a delegation to meet with officials from the IMF, led by Mr. David Cowen (spelling?), head of IMF’s Pacific region.
In the meeting, Mr. Cowen sought to find out about oil explorations in Cambodia and about mineral exploration concessions in Cambodia.
Mr. Penn Ngoeun, spokesman for the Council of Ministers, said that, during the meeting the IMF’s officials wanted to know about the size of the oil and gas deposits in Cambodia and also wanted to know the time that those oil and gas deposits can be extracted.
Mr. Sok An has told the IMF’s officials that there are some successes in the oil explorations. These successes have come from the Chevron’s concessions, a reputable American company, which the government hope will be able to extract oils and gases in the near future. And after Chevron knew about the amount of the oil and gas deposits, they will have to negotiate with the Ministry of Finance in relations to the rate of tax it has to pay and the share ratio between the Cambodian government and Chevron. This contract has not been worked out yet. Mr. Sok An said that this sort of contract is very complex, but he stated that he will push for it to be finalised soon.
When the contract with the Ministry of Finance is finalised, Chevron will have to design a master plan of its oil exploration works.
Mr. Sok An has said that Chevron has not told the government of when it can extract the oil deposits. Chevron has told the government that it can extract oils by 2010 but later said 2011 and later said maybe after 2012.
The meeting with the IMF’s official has also focussed on the economic slowdown of the Cambodian economy as well.
Mr. Sok An said that the IMF’s forecasts have affected the Cambodian economy. The IMF claimed that Cambodia has 3 important sectors that can help the economic growths and they are: textile industry, tourism industry and agriculture. The textile and tourism industries are affected by the downturn in world economies. In the agricultural sector, the IMF has evaluated 2 factors that can be affected by the downturn in world’s economies. First, the appreciation of the dollars which makes the buyers paying more for exports from Cambodia. This can lead to the buyers cutting down their orders and it can cause a drop in foreign investments. So, the IMF’s forecasts for Cambodian economic growth is only 7% for this year and next year.
IMF has was also worried about the low salary of the Cambodian public servants in comparisons with other countries. It said that this level of salary will affect the performances and productivity of those public servants. IMF recommend that Cambodia reform its public service sector so that the public servants can receive better pays and therefore can increase their performances and productivity.
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