Logo of Phnom Penh Post newspaper Phnom Penh Post - Imports of petroleum on the rise last quarter

Imports of petroleum on the rise last quarter

Imports of petroleum on the rise last quarter

Cambodia’s petrol bill topped $440 million at the end of the first quarter, up 11 per cent from $397 million during the same period last year, according to data from the Ministry of Commerce.

The data show Cambodia imported a total of 453,000 tonnes of petroleum during the first quarter this year, 10 per cent more than the amount imported during the three months of 2013.

Srey Chanthy, an independent economist, said that the country’s economic expansion was behind the increase in fuel demand.

“The economy may not be the strongest, but it continues performing very well. That’s why we need to import more to supply domestic production and to support the demand of transportation,” Chanthy said.

“With improvements within the agricultural sector, but a shortage in the labour force, we need to import more machinery and equipment, which all need to consume petrol despite the fact that our country doesn’t produce its own petroleum,” Chanthy added.

Cambodia spends over $1 billion on more than one million tonnes of oil imports per year. The majority of imports come from Vietnam, Singapore and Thailand.

Meanwhile, plans of US-based energy giant Chevron to extract oil from the Gulf of Thailand to one day aid in domestic production continue to be stalled due to negotiations with the Cambodian government over taxation issues.

Cambodia Petrochemical Company (CPC) plans to build an 80-hectare oil refinery worth an estimated $2.3 billion in Preah Sihanouk and Kampot provinces.

Construction of the refinery, however, has been delayed and it is not expected to be operational until 2016.

MOST VIEWED

  • Angkor Wat named as the top landmark for the second year

    Travel website TripAdvisor has named Cambodia’s ancient wonder Angkor Wat as the top landmark in the world for the second year running in their Travelers’ Choice Award 2018, an achievement Cambodian tourism operators expect will attract more tourists to the Kingdom. The website uses traveller

  • New US bill ‘is a violation of Cambodian independence’

    After a US congressmen introduced bipartisan legislation that will enact sanctions on Cambodian officials responsible for “undermining democracy” in the Kingdom, government officials and the ruling Cambodian People’s Party on Sunday said they regarded the potential action as the “violation of independence and sovereignty

  • Hun Sen detractors ‘will die’

    Prime Minister Hun Sen on Wednesday said those who curse or insult him would eventually die without a plot of land to bury their bodies after being killed by lightning, suffering the same fate as those who recently died in Thmar Baing district in Koh

  • Ministry’s plan for net sparks fears

    The government has ordered all domestic and international internet traffic in the Kingdom to pass through a Data Management Centre (DMC) that has been newly created by the state-owned Telecom Cambodia, in a move some have claimed is an attempt to censor government critics. Spokesman