Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian oil imports decrease by 2.2 per cent

Cambodian oil imports decrease by 2.2 per cent

Cambodian oil imports decrease by 2.2 per cent

Cambodia imported 1.31 billion tonnes of oil in the first 10 months of this year, a 2.2 per cent slide compared to 1.34 billion tonnes in the same period last year, according to data from the Ministry of Commerce.

Industry experts said the drop did not mean local production has slowed down but rather attributed it to the increased use of hydropower from emerging dams in the country.

Bin May Mialia, deputy managing director of PTT (Cambodia), said the firm saw a 10 per cent year-on-year drop of fuel oil imports in the first 10 months of this year. He said the decrease had little to do with local production as the supply of fuel oil to factories is limited, only accounting for around 200 to 300 tonnes per month.

“The drop in fuel oil for factories was because more and more factories are now starting to use … as a power source the electricity that comes from Vietnam and the hydropower dam in Kirirom and Kamchay,” he said.

Jet fuel imports, however, increased by 22 per cent in the same period, Mialia said, attributing the rise to the growing number of tourists coming to Cambodia.

According to Meng Saktheara, director-general of the Industry and Secretariat of the Small and Medium Enterprise subcommittee, local production lines are in very good shape. He too linked the drop in oil imports to the rising use of electricity from dams and other sources imported from Vietnam and Thailand.

Saktheara said he foresees a further drop if Cambodia continues to ease its dependence on oil for energy in favour of electricity from the dams.

Cambodia currently purchases petroleum from Vietnam, Singapore and Thailand, as its own offshore oil and gas reserves have not yet been tapped. According to Saktheara, the sector consuming most of the oil is transportation.

In the first 10 months of this year, Cambodia spent $1.2 billion on oil imports, according to statistics from the Ministry of Commerce.

Late last year, locally owed Cambodian Petrochemical Company, a joint-venture with Sinomach China Perfect Machinery Industry Corp, invested $2.3 billion in the construction of a refinery on an 80-hectare oil field situated between Preah Sihanouk and Kampot provinces.

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Bosba: The first Khmer woman composer from UK’s Cambridge

    Bosba Panh is just 25 years old, but she’s already accomplished some impressive milestones for herself and the Kingdom. On July 24, she graduated with a Master’s degree from the University of Cambridge as the first Khmer woman composer and Khmer music graduate ever at

  • Pailin longan winery tries to break through to the big time

    Longan aren’t quite as glamorous as some fruits. They don’t have the star-power of mangos or generate the excitement of a pricey seasonal niche fruit like the pungent durian. Unlike bananas or oranges, which are known and loved everywhere, longan remains a decidedly

  • Debt restructuring over, time to tackle rising NPL ratio

    The Cambodian banking system has just completed a 26-month debt restructuring exercise where scores of loan accounts were revised, classified and provisioned as the rate of non-performing loans inched up, sparking a slight credit risk unease Implemented in April 2020, the Covid-19 debt restructuring measures came

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’

  • Koh Slaket studio resort brings culture with style

    Davitra (Cambodia) Co Ltd’s multi-million-dollar 13ha Koh Slaket studio-cum-resort just east of the capital was inaugurated in the first phase on August 6, providing national and international tourists with a new travel option and job opportunities for locals. The man-made cultural and scenic lakefront getaway