Cambodia earned more than $14 million from the sale of nearly 300,000 barrels of crude oil

After splitting the proceeds of the sale of nearly 300,000 barrels of crude oil stolen by the MT Strovolos, Cambodia earned more than $14 million which will be used for more oil production. Meng Saktheara, Secretary of State of the Ministry of Mines and Energy, said on Facebook that the sale of Cambodian crude oil was successfully completed in September 2022. With more Cambodian crude oil pumped from Block A in Cambodian waters, 280,000 barrels were sold for a total of more than $25 million, valued at $89,867 a barrel, based on the September’s average. After deducting expenses and sharing with stakeholders, Cambodia received more than $14 million, accounting for 70 percent of the nearly 300,000 barrels of oil sales. He added that Cambodia would spend more than $3.2 million on market fees and discounts on oil quality, as well as transportation, insurance, transfer fees and more. “After the announcement of the bankruptcy of KrisEnergy and the departure of the tanker from Cambodia last year, Cambodia’s first drop of oil was considered by many to be Cambodia’s failure in its oil production process,” he said. “Through national and international legal struggle and tough trade negotiations, Cambodia’s property and economic interests have been fully protected as the owners of this resource.” This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources. Khmer Daily