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Govt backs contract for power transmission

Govt backs contract for power transmission

The National Assembly voted to insure Cambodian Transmission Limited’s contract with Electricite du Cambodge (EdC) to build a power-transmission system from Phnom Penh to Kampong Cham on Thursday. The government has agreed to compensate the firm if EdC fails to make annual payments of $20.5 million over the 25 years following the project’s 2012 completion. Malaysia-based Leader Universal Holdings Bhd invested US $107.6 million in the project approved by the government in January, to construct a 110km, 230 kilovolt power line from Phnom Penh to Kampong Cham, along with a substation in each centre, according to project documents. Minister of Industry, Mines and Energy Suy Sem said “This is routine by the government to secure investors.” Opposition party lawmakers said in the investment was not transparent, and that the company stands to earn high profits from the project.

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