Cham Prasidh Says Oil Revenue to Go to State

Television Thursday that future government revenues from Cambodia's so-far undeveloped oil industry would go toward the national budget and be spent on infrastructure. Mr Prasidh's comments, made in Singapore during an interview with the cable business news channel CNBC, followed criticisms and expressions of concern this year by international watchdog groups and the opposition party about transparency in the extractive industries, and the potential for corruption. "By the end of the year 2012, we are thinking of starting to pump oil, and this is a huge amount of money that is going to help our economy," he said. 'We are going to have a mechanism to make sure that all the revenue we received from that oil is going to come to the budget and especially is going to be invested in infrastructure, especially on roads and irrigation systems."

Government officials have previously said that payments from oil companies to the government are placed in accounts in the National Bank of Cambodia, but have supplied no details on how much is stored inside these accounts. A partial list of payments is available on the Finance Ministry website.
 
television Thursday that future government revenues from Cambodia's so-far undeveloped oil industry would go toward the national budget and be spent on infrastructure. Mr Prasidh's comments, made in Singapore during an interview with the cable business news channel CNBC, followed criticisms and expressions of concern this year by international watchdog groups and the opposition party about transparency in the extractive industries, and the potential for corruption. "By the end of the year 2012, we are thinking of starting to pump oil, and this is a huge amount of money that is going to help our economy," he said. 'We are going to have a mechanism to make sure that all the revenue we received from that oil is going to come to the budget and especially is going to be invested in infrastructure, especially on roads and irrigation systems." Government officials have previously said that payments from oil companies to the government are placed in accounts in the National Bank of Cambodia, but have supplied no details on how much is stored inside these accounts. A partial list of payments is available on the Finance Ministry website.
 
television Thursday that future government revenues from Cambodia's so-far undeveloped oil industry would go toward the national budget and be spent on infrastructure. Mr Prasidh's comments, made in Singapore during an interview with the cable business news channel CNBC, followed criticisms and expressions of concern this year by international watchdog groups and the opposition party about transparency in the extractive industries, and the potential for corruption. "By the end of the year 2012, we are thinking of starting to pump oil, and this is a huge amount of money that is going to help our economy," he said. 'We are going to have a mechanism to make sure that all the revenue we received from that oil is going to come to the budget and especially is going to be invested in infrastructure, especially on roads and irrigation systems." Government officials have previously said that payments from oil companies to the government are placed in accounts in the National Bank of Cambodia, but have supplied no details on how much is stored inside these accounts. A partial list of payments is available on the Finance Ministry website.
 
Sourced=phnompenhpost