Speaking during an inspection of Tela fuel storage facilities in Preah Sihanouk province on Mar. 30, the Minister noted that global conflicts, particularly in the Middle East, have disrupted energy markets, with Asia heavily affected due to its reliance on supplies passing through the Strait of Hormuz.

He confirmed the arrival of a new shipment of liquefied petroleum gas (LPG), with a tanker carrying 3,400 tonnes docking in Cambodia, helping to support national supply.

However, H.E. Minister acknowledged that current imports – around four to five shipments per month – remain below normal levels of seven to eight shipments due to tight global market conditions and procurement challenges.

He urged citizens and businesses to use fuel responsibly and conserve energy, while assuring that the government is working closely with domestic and international partners to maintain adequate supplies.

While the situation remains uncertain amid ongoing conflict, Cambodia is continuing efforts to secure fuel and gas to meet the country’s needs, he added.

The Royal Government of Cambodia has so far introduced a series of ongoing measures aimed at simplifying procedures for fuel and gas imports and easing the financial burden on citizens.

These include continued fuel price subsidies, such as a reduction of 6.5 U.S. cents per litre, along with an additional 1 cent per litre cut to offset increases in global gasoline prices. The government has also set customs duties on fuel imports at zero dollars.

Prime Minister Samdech Moha Borvor Thipadei Hun Manet has further approved tax relief measures, including reducing additional levies on gasoline and diesel to zero. The special tax on diesel has been cut from 4 percent to 0 percent, while value-added tax (VAT) on both gasoline and diesel has been lowered from 10 percent to 4 percent, with the government absorbing the remaining 6 percent to help curb price increases.

In addition, the Prime Minister recently instructed the Ministry of Labour and Vocational Training to engage relevant stakeholders, resulting in an agreement to provide a monthly subsidy of US$2.50 to workers to help cover transport costs.

The government has also introduced further interventions to prevent excessive increases in the prices of goods. These include reductions in customs tariffs and export-import duties on selected items such as electrical appliances, solar energy systems, electric vehicles, and other goods. The measures are outlined in a sub-decree on tariff adjustments, which will take effect from April 1, 2026. AKP

The post Fuel Imports Continue Despite Middle East Tensions: Energy Minister first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Minister Rottanak stressed that Cambodia’s current energy independence should not be misconstrued to undermine the importance of mutual support and collaboration between Cambodia and Thailand, nor should it intensify bilateral strain. He highlighted that cross-border electricity cooperation offers mutual benefits and serves as a model of “win-win” collaboration.

Furthermore, the Minister noted that the ASEAN Summit, hosted by Malaysia, discussed plans for an integrated ASEAN electricity grid to connect power supplies among member states. He also pointed out that shared power supplies between neighboring countries are a common global practice, even among developed nations like the United States and Canada.

H.E. Keo Rottanak reaffirmed Cambodia’s strong commitment to regional energy cooperation and its support for ASEAN’s connectivity goals, while encouraging continued collaboration between Cambodia and Thailand for the prosperity of both nations and their people.

The post Cambodia’s Stable Power Supply Amidst Regional Cooperation Efforts first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Prime Minister Hun Manet expressed immense pride in this transformation during the inauguration of the new Conch KT Cement (Phnom Penh) Co., Ltd. factory in Kampong Speu province. He recalled that prior to 2007, Cambodia was entirely dependent on cement imports from countries like Thailand, Vietnam, Indonesia, and the Philippines.

Today, Cambodia boasts six operational cement plants that fully meet domestic demand. The country has also taken its first steps into international markets, with over 30,000 tonnes of cement exported to Thailand in 2024.

Prime Minister Hun Manet urged the Ministry of Mines and Energy and the Cambodian Cement Manufacturers Association to actively intensify efforts to explore additional international markets for Cambodian cement. He also advised the ministry to carefully assess proposals for limiting new cement licenses. This strategic approach aims to maintain a competitive market environment and prevent potential business setbacks within the industry.

Cambodia’s six current cement plants — Kampot Cement, Cambodia Cement Chakrey Ting, Chip Mong Insee Cement, Battambang Conch Cement, Thai Bun Rong Cement, and Conch KT Cement — represent a substantial investment of approximately US$1.11 billion. Together, they boast an impressive annual production capacity of around 11 million tonnes.

According to H.E. Keo Rottanak, Minister of Mines and Energy, three additional cement plants are currently under construction in Kampot, Battambang, and Kratie provinces. Once completed, these new facilities are projected to add another 5 million tonnes to the country’s annual capacity.

The newly inaugurated Conch KT Cement (Phnom Penh) Co., Ltd. factory in Oral district, Kampong Speu province, is a significant addition to this growth. With an investment of US$250 million, the plant has an annual production capacity of approximately 2.2 million tonnes of cement. It is expected to create 450 direct jobs and around 1,000 indirect jobs.

This new facility marks the second major cement investment by the Conch Group in Cambodia. Their first venture, Battambang Conch Cement Co., Ltd., a joint venture inaugurated in 2018, has an annual production capacity of 2 million tonnes.

Prime Minister Hun Manet emphasized that this new factory would significantly boost Cambodia’s cement production, ensuring the country continues to meet its domestic needs. To further support the construction sector and lower the cost of local cement, the Premier also announced a five-year extension of tax exemptions for cement factories.

Cambodia’s journey from cement importer to emerging exporter is a testament to its robust economic development and strategic industrial planning.

The post Cambodia Transforms Cement Industry Now Meeting Local Demand and Exporting first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The inauguration ceremony was graced by the presence of several esteemed guests, including HE. Keo Rottanak, Minister of Mines and Energy and Chairman of the Royal Government Working Group Assisting Pursat Province; HE. Khoy Rida, Governor of Pursat Province; and Mr. Seng Phalla, Branch Manager of the National Bank of Cambodia-Pursat Province.

And also in attendance were Neak Oknha Kith Meng, Chairman of the Board of Directors of Wing Bank and CEO of the Royal Group of Companies, and Lok Chumteav Mao Chamnan, Chief Operating Officer of Wing Bank and Vice-Chairwoman of the Royal Group of Companies.

Conveniently located along National Road Number 5, just 150 meters from Pursat Bridge, the Pursat provincial branch is Wing Bank’s 23rd location, further solidifying the bank’s presence across Cambodia.

This new branch offers a comprehensive suite of banking products and services, including deposits, loans, domestic and international money transfers, utility payments, and the issuance of Visa, Mastercard, and UnionPay debit and credit cards. Customers can also access insurance consultation services, complete various tax payments to the General Department of Taxation, and much more.

With the launch of this new branch, Wing Bank reinforces its dedication to delivering accessible, innovative solutions that empower individuals, businesses, and the local community to thrive.

This new branch marks Wing Bank’s 23rd office, further expanding the bank’s national footprint. It complements Wing Bank’s vast network of over 11,000 agents across Cambodia, creating a robust, dual-channel approach. By combining physical branches with an extensive agent network, Wing Bank ensures its services are accessible to communities, even in the most remote areas of the country.

Wing Bank’s expansion into Pursat, along with its network of over 11,000 agents, reinforces its position as a leader in Cambodia’s digital banking sector. The new branch, supported by this vast agent network, will provide essential services and digital tools that will help local businesses thrive and individuals achieve their financial goals.

The post Wing Bank Inaugurated Its newest Branch in Pursat City first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

This goal was announced by Cambodia’s Energy Minister, who also emphasized the importance of a more inclusive approach that involves young people and women in the planning and implementation of this transition.

The minister additional highlighted the role of the 900-megawatt LNG project in Koh Kong, which is replacing a previously planned coal power plant. This project is seen as a crucial step towards achieving net zero emissions by 2050.

The minister explained that while wind and solar energy are intermittent, LNG will play a vital role in ensuring a stable power supply during peak demand periods.

In addition to the domestic focus on renewable energy, Cambodia is also actively working towards establishing an ASEAN power grid. The minister expressed optimism about the progress made in this regard, with Singapore, Cambodia, and Laos forming a working group to facilitate cross-border electricity trade. The minister believes that regional cooperation is essential for achieving the shared goal of net zero emissions in a more efficient and cost-effective manner.

The World Bank and ADB estimate that the ASEAN power grid could save the region up to $800 billion. Cambodia’s commitment to renewable energy and regional cooperation demonstrates its leadership in the transition to a green economy.

The post Energy Minister Outlines Ambitious Renewable Energy Goals for Cambodia at SIEW first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The province has recently attracted significant attention from both domestic and international investors. On July 8th, 2024, a high-level government delegation inspected a proposed 140-hectare special economic zone in Krakor district. This development follows the groundbreaking of Ford’s first assembly plant in the province on June 16th,2022.

The Ford plant, a $21 million investment, is expected to create over 500 jobs and produce approximately 9,000 vehicles annually. This project, combined with the planned special economic zone and another upcoming factory by Minebea Electronics, has raised eyebrows about the province’s sudden appeal.

To understand the factors driving this rapid growth, Minister of Mines and Energy Keo Rattanak explained, Pursat’s appeal lies in a combination of strategic planning, government support, and a conducive business environment.

Minister added that, while not bordering the sea or neighboring countries, its proximity to key transportation routes and infrastructure projects makes it an attractive hub for logistics and manufacturing. Additionally, the government’s focus on developing special economic zones, such as the Ford plant, has further enhanced Pursat’s investment potential.

Minister Rattanak emphasizes the importance of collaboration between government, businesses, and the local community. By fostering a supportive ecosystem, Pursat has been able to attract major investments like the Ford assembly plant and the upcoming Minebea Electronics factory in September this year. These projects not only generate employment opportunities but also contribute to the province’s overall economic development.

The minister also highlights the role of government incentives in attracting investors. Cambodia’s competitive tax regime, coupled with streamlined investment procedures, has created a favorable business climate. Pursat, in particular, has benefited from targeted incentives designed to stimulate economic activity in the region.

These developments in Pursat are part of a broader trend of rapid economic growth in Cambodia. The country recorded a staggering $3.25 billion in fixed-asset investment during the first half of 2024, a 195% increase compared to the same period in 2023. In July alone, the government approved 44 new investment projects worth $396 million, with the potential to create 25,000 jobs.

As Cambodia continues to position itself as an attractive investment destination, the transformation of Pursat into a thriving industrial center highlights the government’s strategy of developing the entire country, rather than solely relying on traditional economic hubs.

The post Minister Keo Rattanak Explains Pursat’s Allure for Investors first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The Cambodian side was led by Minister of Mines and Energy H.E. Keo Rottanak, while the ADB side included the bank’s Country Director for Cambodia Ms. Jyotsana Varma, and Mr. Keiju Mitsuhashi, Director, Southeast Asia and the Pacific Team, Energy Sector Office, Sectors Group.

During the meeting held here on Tuesday, H.E. Keo Rottanak expressed appreciation for ADB’s partnership in the energy sector, including the national solar park project supported through a One ADB approach.

H.E. Minister committed to further strengthening the partnership to support Cambodia’s energy transition ambitions and highlighted priority areas, including power grid reinforcement, renewable energy expansion, energy efficiency improvement, e-mobility, and regional interconnectivity.

Ms. Varma expressed appreciation for Cambodia’s commitment to the energy transition and noted that the energy sector priorities outlined fully will align with the forthcoming Country Partnership Strategy (2024–2028).

The post Cambodia, ADB to discuss partnership in energy sector first appeared on Estatedia | Economy & Real Estate Media in Cambodia.