Cambodian Petrochemical Company and Sinomach China Perfect
Machinery Industry Corp jointly announced to build the first oil refinery
in Cambodia and the construction is expected to be completed at the end
The oil refinery will cost 2.3 billion U.S. dollars and it will take
36 months to be constructed on the 80- hectare area within the boundary
of Preah Sihanouk province and Kampot province.
When the construction is completed, the plant will be capable to produce
5 million tons of oil a year. The would-be plant will help boost the development
of Cambodian economy, increase state's revenues and generate thousands
U.S.' Chevron has invested about 150 million U. S. dollars for oil and
gas exploration in Cambodia's offshore Block A and it is estimated that
the firm needs to invest another 600 million U.S. dollars to exploit oil
and gas from the Block.
There are several oil companies negotiating with the Government to invest
in other blocks.
This also mirrors local and foreign investors' trust in Cambodian business
and political situation.
Currently, Cambodia's oil demand is more than 1 million tons a year,
but the demand will reach 3 or 4 million tons a year in coming years thanks
to a steadily growing economic size.