Malaysia’s national petroleum company Petroliam Nasional Bhd, or Petronas, is aiming to return to Cambodia to tap into a growing oil and gas sector, according to ambassador Eldeen Husaini Mohamed Hashim yesterday.
Mr Eldeen Husaini met with Energy and Mines Minister Suy Sem at the ministry yesterday and afterwards the former said Petronas wants to return to the Kingdom after withdrawing from the market nine years ago.
“Malaysia wants Petronas to return to Cambodia after withdrawing from the market in 2010 and encourages other oil and gas companies in our country to invest in the Kingdom,” he said. “We are committed to help develop the oil and gas sector in Cambodia.”
Mr Eldeen Husaini said aside from Petronas, other Malaysian oil and gas companies are also looking for opportunities in the local market.
He said Mr Sem during the meeting expressed support for Petronas’ return and both sides are looking forward to cooperating as soon as possible.
Chhe Lidin, director-general of the Mines and Energy Ministry’s general affairs department, yesterday confirmed that during the meeting Mr Sem said he supports the return of Petronas.
Mr Lidin said Mr Sem also welcomes other Malaysian companies to invest in the oil and gas sector.
Mr Sem told Mr Eldeen Husaini Malaysian companies should look into the possibility of exploring fields for oil and gas in the Kingdom, aside from focusing on the oil and gas industry in Cambodia, Mr Lidin said.
Mr Lidin said the return of Petronas would reflect growing confidence in Cambodia’s oil and gas industry.
“The return of the Malaysian company reflects increasing opportunities to develop the gas industry and many big companies are operating successfully in the Kingdom,” he said. “Our policy is to open up the sector to all local and international investors.”
Mr Lidin said the government is keen to woo internationally-recognised companies to invest in the Kingdom’s oil and gas industry.
“As we know Petronas is a big company and our stance is to support and help this company to return to Cambodia,” he said.
In April 2010, Petronas exited Cambodia after operating in the Kingdom for 16 years due to declining profits.
In 2013, Malaysia’s The Edge newspaper reported Petronas said it would deliberate on the merits of re-entering the Kingdom, should the company be able to work out a win-win deal with the government.
“We will consider participating in Cambodia’s [oil and gas] sector if there are opportunities which are of interest and mutual value to both Petronas and Cambodia,” the newspaper quoted the company as saying.
