PM Receives South Korean Guest

AKP Phnom Penh, January 26, 2012 –

Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, met here this morning at the Peace Palace with visiting Ambassador for Mineral Resource and Energy Cooperation of the Republic of Korea H.E. Shin Jae-hyun.

In the meeting, H.E. Shin Jae-hyun Shin told the Cambodian premier of his visit, the purpose of which, he said, is to boost the cooperation between Cambodia and South Korea in mineral resource, oil and energy sectors, H.E. Ieng Sophalet, Assistant to Samdech Techo Hun Sen, told reporters.

South Korean experts have been conducting a study on mineral resource in some provinces including Preah Vihear, Takeo and Kampong Speu, said H.E. Shin Jae-hyun, who sought Samdech Techo Prime Minister’s support to South Korean mining companies to do exploitation once the study finished and to the cooperation between the companies and their Cambodian partners in mineral resource exploration and exploitation in Cambodia. 

The visiting South Korean ambassador for Mineral Resource and Energy Cooperation also showed his interest in investing in the fields of oil and energy. 

For his part, Samdech Techo Hun Sen welcomed the investment plan and the Korean side’s intention to cooperate with Cambodian companies in mineral resource exploration and exploitation. He also recommended H.E. Shin Jae-hyun to continue his discussion with the Cambodian National Petroleum Authority. 

Meanwhile, through H.E. Shin Jae-hyun, the Cambodian prime minister asked the president of the Republic of Korea to consider providing loans to Cambodia to built power distribution network.

Article in Khmer by CHEY Phoum Pul
Article in English by KHAN Sophirom

S Korea Eyes Investment in Cambodia's Oil, Gas Sector

South Korea is willing to invest in oil and gas industry in Cambodia, said a senior Korean official on Thursday.

"Korea is interested in investing in oil and gas and energy sector in Cambodia," Jae Hyun Shin, South Korea's visiting ambassador in charge of energy and mineral resources cooperation, said during a meeting with Cambodia's Prime Minister Hun Sen.

He also asked the premier to support the plan.

Meanwhile, Hun Sen welcomed the plan and advised the South Korea to work with Cambodian National Petroleum Authority (CNPA) for oil and gas cooperation.

Cambodia's offshore areas are believed to be rich in oil and gas deposits. To date, the country awarded exploring licenses to a number of companies to operate in six blocks, according to the CNPA report.

During the meeting, Shin also asked the premier to give support to South Korean mining companies to do exploitation when they have finished their exploration process.

Cambodia and South Korea signed the energy and mining cooperation agreement in October, 2009.

Currently, some 13 South Korean firms, including two of them partnered with Cambodian firms, have been exploring mineral resources in Cambodia, mainly in the provinces of Preah Vihear, Takeo and Kampong Speu, according to the report of the Extractive Industry Social and Environment Impact (EISEI) Network NGO released late last month.

Cambodia is believed to be rich in metallic mineral, gold ore, bauxites, titanium, copper, and offshore oil and gas.

The EISEI said that so far, the government of Cambodia has granted mining concessional licenses to approximately 128 local and foreign entities to conduct mineral exploration in the country.

Chinese Company to invest US$500 million in Energy in Cambodia

Chinese Company to invest US$500 million in Energy in Cambodia

            JUNLUN International Holding Co., expert in mineral, coal, petroleum and gas exploration, aims to invest US$ 500 million for 6 years in energy industry in Cambodia, said Henry Xie, the company’s Chairman during the meeting with and courtesy call on NA’s President, Samdech Heng Samrin on 06 January 2012. The Director of Cabinet Mr. Koam Kosal said that the company’s Chairman would sign MOU with its investment partner, Mr. Rath Sakhorn, Samdech Hang Samrin’s Advisor and in charge of investment projects. Mr. Henry determined to make this business successful. (Rasmei Kam, 07 January 2012)

Vietnam’s Declaration: Cambodia the Second Large Investee

Vietnam’s Declaration: Cambodia the Second Large Investee

            Vietnamese Ministry of Planning announces that Cambodia is the second country, receiving its investment projects after Lao. According to statistics of the Ministry on 06 January 2012, up to now, Vietnam’s overseas investment capital increases to US$10.8 thousand million, being invested in 627 projects mostly in Lao, Cambodia, Venezuela and Russia. (Rasmei Kam, 07 January 2012)

Foreign Countries Start to Recognize Cambodia’s Realty Market

Foreign Countries Start to Recognize Cambodia’s Realty Market

         After Cambodia has passed Foreign Ownership Property Law, from 2010 up to now, approximately 20 % of foreigners have bought real estates in Cambodia, and this makes foreigners grow interests in Cambodia’s realty market especially condominium. “Among 9 condo construction investment projects equal to 2,600 condos in Phnom Penh, 20 percents of foreigners from different countries bought condos”, said Mr. Seung Bunna, Chairman of Cambodia Valuers and Estate Agents Association.  He also underlined his expectation that, as Cambodia’s 2012 economic situation seems more developed, a lot more foreigners will buy and grow interests in real estate market in the country. Political stability and security and social order will insure the interests of foreigners in Cambodia’s realty market, he continued. Till now, foreigners have legal rights to hold title to real estates from the first floor (one floor above the land). (Rasmei Kam, 08-09 January 2012)

Vietnam’s Company Invests US$5 million with its Partner in Rubber Plantation in Stung Treng

Vietnam’s Company Invests US$5 million with its Partner in Rubber Plantation in Stung Treng

          Vietnam’s Phou Mady Investment Group, whose partner is Cambodia’s An Mardy Investment Group, will invest US$ 5 million in planting rubbers on the area of 10,000 hectares in Stung Treng province. Samdech Techo Hun Sen said the investment on concessional land normally affects people in the region, and therefore, the company should find proper solutions to deal with those residents especially the integration in planting rubbers. (Rasmei Kam.)