“The energy sector is growing rapidly in Cambodia”
The US-Asean Business Council will mobilize more US energy companies to invest in Cambodia as the Kingdom rapidly develops in the energy sector, including oil and gas.
The remark was made by Michael W. Michalak, senior vice president and regional general manager of the US-Asean Business Council, during a meeting with Suy Sem, minister of mines and energy, last week.
During the meeting, he expressed the intention to expand the gas station and the possibility of investing in electric vehicle charging stations and cooperation opportunities in the development of energy infrastructure, including strengthening and modernization of power transmission lines, energy management and investment in clean technologies. and renewable energy, the ministry said.
The ministry has pushed for the conversion of coal-fired power plants to LNG power plants, in line with Cambodia’s commitment to combat climate change.
“Cambodia will not continue to provide coal power development projects other than those approved by the government in 2019,” he said, citing that the ministry will not authorize any hydropower studies on the Mekong.
Currently, the ministry has prepared a master plan for the development of the energy sector in the long term until 2040 and has fully taken into account the goal of providing sufficient, quality, stable and affordable electricity to Cambodia with the clean energy development and tackling climate change with the United Nations, he said, saying Cambodia is one of the lowest carbon emitting countries in the world.
The meeting also included representatives from the US Embassy in Cambodia and companies Chevron, Conocco Phillips, ExxonMobil, Meta, RMA Group, Roche, Amazon and 3M.
Major US companies have explored Cambodia’s growth potential by seizing additional investment opportunities. Most of these companies in the automotive, health technology, especially energy sectors are seeing strong demand in the Cambodian market.
During a meeting last week, Prime Minister Hun Sen also encouraged US companies to continue investing and explore other investment potentials in Cambodia in the future.
Bilateral trade between Cambodia and the United States reached 2.2 billion dollars in the first quarter of 2022, an increase of 41.5% compared to the same period in 2021, which is worth more than 1.5 billion dollars. dollars.