Friday, May 12, 2006

Bilateral Cooperation: Cambodia and Japan agree to oil and gas cooperation

The Cambodian National Petroleum Authority (CNPA) signed a shareholders' agreement on Tuesday with Mitsui & Co., Ltd of Japan to establish a joint venture on oil and gas related projects, according to a press release obtained in Phnom Penh Wednesday.

The joint venture with its capital of $200,000 will commence operation at CNPA Head Office in Phnom Penh and provide strategic planning services to its customers - preparation of business plans, feasibility study, support to establish project implementation body in the preliminary stage of their projects for the earliest realization.

Cambodia will start its oil exploitation in 2009, an official of CNPA told reporters.