Article Republished By Javier Troconis
The US-Asean Business Council will mobilise more US energy companies to invest in Cambodia as the Kingdom is developing rapidly in the energy sector, including oil and gas.
The remark was made by Michael W. Michalak, Senior Vice President and Regional Managing Director of the US-Asean Business Council, during a meeting with Suy Sem, Minister of Mines and Energy, last week.
In the meeting, he expressed the intention to expand the gas station and the possibility of investing in electric vehicle charging stations and opportunities for cooperation in the development of energy infrastructure, including the strengthening and upgrading of power transmission lines, energy management and investing in clean and renewable energy, the ministry said.
The ministry has been pushing for the conversion of coal-fired power plants into LNG-fired power plants, in line with Cambodia’s commitment to fighting climate change.
“Cambodia will not continue to provide coal-fired power development projects other than those approved by the government in 2019,” he said, citing that the ministry will not allow any hydropower studies on the Mekong River.
Currently, the ministry has prepared a master plan for the development of the long-term energy sector up to 2040 and has fully considered the goal of supplying electricity in Cambodia to be sufficient, quality, stable and affordable with the development of clean energy and fighting against climate change with the United Nations, he said, claiming that Cambodia is one of the world’s least carbon-emitting countries.
The meeting was also attended by representatives from the US Embassy in Cambodia and firms of Chevron, Conocco Phillips, ExxonMobil, Meta, RMA Group, Roche, Amazon and 3M.
Major US companies have explored the growth potential of Cambodia in seizing additional investment opportunities. Most of these companies from the automotive, health technology, especially energy sectors see high market demand in Cambodia.
Prime Minister Hun Sen in a meeting last week also encouraged US firms to continue to invest and explore other investment potential in Cambodia in the future.
Bilateral trade between Cambodia and the US reached $2.2 billion in the first quarter of 2022, a 41.5 percent increase compared to the same period in 2021, which is worth more than $1.5 billion.