A Cambodian NGO believes that investment by Thailand's PTT oil conglomerate in petroleum projects in the region would promote competition and benefit consumers.
Thailand's largest petroleum firm said lastThursday it is currently studying options for petrochemical and oil refinery projects in three Asean countries -- Cambodia, Indonesia and Myanmar.
It includes a pre-feasibility study of a world-scale refinery and petrochemical complex in Vietnam at an estimated cost of US$28.7 billion.
In an interview with Cambodia's Phnom Penh Post, Mam Sambath, director of Development Partnership in Action, an NGO, commented positively on the news, believing that it would promote competition within the industry which in turn brings cheaper prices for consumers.
PTT would not be the first foreign oil company to operate in Cambodia. Last year, the Cambodian government signed joint-venture agreements with China National Automation Control System and Chinese-Sino to construct a US$600 million oil refinery in its Kampot province. The US giant Chevron has also been granted a concession for offshore oil drilling.
The Phnom Penh government is expected to receive about $500 million annually from the deals.