UAE prince seeks to invest in Cambodia
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.