Large Chinese investments are overtaking US financing in ASEAN, according to Nikkei Asia. The mainland has already invested more than $5.3 billion under its Belt and Road Initiative (BRI), according to the University of Southern California’s US-China Institute in Los Angeles. On June 22, the mainland agreed with Cambodia to intensify cooperation in transportation networks. China National Offshore Oil Corp (CNOOC) Gas & Power – the country’s largest liquefied natural gas (LNG) project developers is considering building an LNG port in Phnom Penh that would include a jetty and a tank with a storage capacity of 220,000 cubic metres. “Coupled with Cambodia’s surging demand for power and relatively creditworthy national utility company, these plans justify cautious optimism for the future of the country’s LNG-to-power sector,” US-based law firm White Case said in May. A Standard Chartered survey on ASEAN found more than 60 percent of respondents were looking to expand their sales or production in the region by at least 10 percent this year.
