Thursday, May 6, 2010

Slick money in Cambodia’s oil sector

Wednesday, 05 May 2010
By Ellie Dyer and Vong Sokheng
The Phnom Penh Post

Kingdom’s latest oil venture raises questions over funding, impact on the environment
THE financing of Cambodia’s newest oil deal remained undisclosed on Tuesday despite international and domestic calls for transparency in the Kingdom’s nascent extraction sector.
Regardless of the pomp and circumstance seen at a rare public signing of a study and survey agreement – made between the Japan Oil, Gas and Metals National Corporation (JOGMEC) and the Cambodia National Petroleum Authority (CNPU) – questions about the scale of funding, investment and bonuses involved in domestic oil deals remained unanswered.
Such reticence came amid BHP Billiton’s internal investigation into accusations of graft, widely thought to relate to dealings surrounding a Cambodian concession, and pressure from international watchdog Global Witness for the issue to top a government donor meeting in June.
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