UAE prince seeks to in­vest in Cam­bo­dia

The Phnom Penh Post - - BUSINESS - Hor Kim­say

THE UAE has ex­pressed in­ter­est in Cam­bo­dian oil and gas ex­plo­ration. Min­is­ter of Mines and En­ergy Suy Sem said this was the re­sult of his dis­cus­sions with Sheikh Ahmed bin Dal­mook bin Juma al-Mak­toum, a mem­ber of the royal fam­ily who vis­ited him on Wed­nes­day.

The min­istry spokesper­son Cheap Sour who said this, added that while no agree­ment or de­ci­sion was made in the meet­ing, the two par­ties ex­pressed a com­mit­ment to ex­change in­for­ma­tion on the sec­tor’s devel­op­ment.

“It is the first time that the UAE has ex­pressed its in­ter­est in the Cam­bo­dian oil and gas sec­tor. We’re cre­at­ing [lines of com­mu­ni­ca­tion] to fa­cil­i­tate get­ting in touch with each other and work­ing closely through e-mail,” Sour said.

The UAE com­prises seven emi­rates – Abu Dhabi, Aj­man, Dubai, Fu­jairah, Ras AlKhaimah, Shar­jah and Umm al-Quwain – lo­cated along the south­east coast of the Ara­bian Penin­sula.

With the ex­cep­tion of Dubai, most of the UAE economies rely on petroleum pro­duc­tion and oil rev­enues.

A ma­jor pro­ducer, the UAE ex­tracts around three mil­lion bar­rels per day (bpd) of crude oil and plans to boost out­put to 3.5 mil­lion bpd by the end of this year.

On Tues­day, Sheikh Ahmed met Prime Min­is­ter Hun Sen in Phnom Penh and vowed to pro­vide a $500 mil­lion credit line to the King­dom to im­port goods from Arab coun­tries.

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