The land of heroes
Our heroes
Our land
Cambodia Kingdom

Thursday, March 27, 2008

Cambodia unveils plan for sustainable development of oil, gas reserves

PHNOM PENH, March 27 (Xinhua) -- Cambodia has unveiled a detailed plan for developing the country's oil and gas reserves that would ensure sustainable economic development and reduce poverty at an UNDP conference, officials said Thursday.

The government has set its sights on long term benefits rather than short term gains, said Sok An, Deputy Prime Minister of Cambodia and Chairman of the Cambodian National Petroleum Authority.

The plan, which includes the formation of a regulatory framework and the development of human resources, was "a vital step" towards sustained economic development, the official said in the inaugural speech of a poverty reduction conference.

The March 26-28 conference, Fuelling Poverty Reduction with Oil and Gas Revenues Comparative Country Experiences, was the first of its kind in Cambodia, which drew more than 500 participants from Cambodia and around the globe, a conference press release said.

Arne Walther, the former secretary general of the International Energy Forum, explained how Norway had become the model for prudent use of resource wealth when huge offshore resources were discovered there in the 1970s.

Transparent rules and regulations were a vital part of the process, said the advisor to Sao Tome et Principe's Minister of Natural Resources, Genoveva Jose da Costa.

She said the country had set up a National Oil Account for revenues from its natural resources.

Global energy experts also discussed legal frameworks, fiscal arrangements, contract negotiation and how to reliably assess resource bases, the press release said.
Read more!

Cambodia lifts ban on importing pigs, pork to curb soaring food prices

PHNOM PENH, March 27 (Xinhua) -- Cambodian Prime Minister Hun Sen claimed Thursday that the government allows importing pigs and pork products from neighboring countries as the food prices increasing sharply.

The pig diseases in neighboring countries were over according to a report of the Cambodian veterinarian department, so the government lifted the ban on importing pigs and pork products from neighboring countries, Hun Sen said during a pagoda inauguration ceremony in Kompong Cham province.

Lacking of pork products on local markets also caused the soaring up of beef and fish prices, he said.

Hun Sen also appealed to fish lot owners to release their fish products to markets to drop the fish price.

Meanwhile, Cambodian Finance Minister Keat Chhon, in a statement released on Thursday, appealed to people to remain calm and not to stock up on foods, which could make the situation even harder.

According to the statement, Hun Sen has asked the finance and commerce ministries to address "the abnormal increase of price of goods," saying rising costs are "affecting the daily livelihoods of our citizens, especially workers, farmers and civil servants."

Since Wednesday, the Cambodian government has released surplus rice into the markets, allowing people to buy five kilograms each at reduced prices.

While rising food prices are part of a global trend, they have hit especially hard in Cambodia, where more than a third of the country's 14 million people are mired in poverty.
Read more!