Thailand
Cambodia: Kingdom’s oil imports surge 25% in H1
Cambodia saw its oil import increase in value in the first half of this year, amid the global increase in crude oil prices following the Russia-Ukraine war.
The Kingdom imported $1,910 million worth of oil products in the January-June period of this year, a 25.8 percent increase compared to the same period last year, according to a report of the National Bank of Cambodia.
The report was compiled based on the data provided by relevant ministries and institutions.
Currently, Cambodia imports all of its petroleum products from Vietnam, Singapore and Thailand as its seabed oil and gas reserves have not been tapped yet.
The demand for oil has been on a surge but the country has oil inventory to supply sufficient demand to local consumption, said Penn Sovicheat, under-secretary of state and spokesman of the Ministry of Commerce.
“Cambodia has inventory for supplies from 15 to 20 days. If no imports are made, Cambodia has oil to supply sufficiency,” he said.
The demand for petroleum products in Cambodia is projected to rise to 4.8 million tonnes in 2030, up from 2.8 million tonnes in 2020, Minister of Mines and Energy Suy Sem said at the Oil, Gas and Power Cambodia 2022 conference last week.
Sem urged further investments in the sector to respond to this growing demand.
“Government encourages the national and international private sector to invest in the downstream sector, such as refining, importing, storing, transporting and distributing petroleum and petroleum products to ensure the supply of oil and gas for consumers and other development sectors,” he said.
Oil prices in Cambodia have soared since the Russia-Ukraine crisis started in February, causing a price rise in common commodities.
The ministry shortened the petrol price adjustment from 15 days to 10 days, considering the rapid increase in international crude oil prices.
The government has implemented fiscal and financial policies to curb the inflation on common commodities and services to help ease the financial burden of people.
Source: https://www.khmertimeskh.com/501123526/kingdoms-oil-imports-surge-25-in-h1/