PHNOM PENH: Cambodia has successfully gotten back its crude oil which was sold in September 2022, amounting to a total revenue of more than US $14 million after payment to stakeholders.

The Secretary of State for the Ministry of Mines and Energy, Meng Saktheara, confirmed on his Facebook page on Tuesday, 11 October, that more than 280,000 barrels of crude oil that KrisEnergy pumped in Block A of Cambodian waters had been stolen by World Tankers' MT Strovolos Management and smuggled out of Cambodia in June 2021. Cambodia has since made efforts to recover this oil under national and international laws and through trade negotiations.

A senior official of the Ministry of Mines said, "All of Cambodia's crude oil produced is not lost. National and international legal struggles and tough trade negotiations have fully protected Cambodia's property and economic interests as the owners of this resource."

Secretary of State Meng Saktheara stated that more than 280,000 barrels of Cambodian crude oil were sold for more than US $25 million, with the average price of crude oil being set at the average monthly price of nearly US $90 per barrel.

He added that the sale price was deducted from the market fee and was discounted according to the quality of the oil by US $11.45, resulting in a total deduction of more than US $3 million. Shipping costs, insurance premiums, transfer fees, and other international professional services, cost more than US $1.7 million. After the above payment, the remaining sales revenue for distribution to the relevant parties was more than US $20 million.

According to Secretary of State Meng Saktheara, the government will receive 70% of the remaining sales, which amounts to more than US $14 million.

He stated that in addition to the state's proceeds from the sale of crude oil, the Cambodian side will also receive US $5 million in collateral deposits from KrisEnergy before the company’s bankruptcy.

"Cambodia's oil production process does not end with the bankruptcy of KrisEnergy. With the existing infrastructure system and initial capital from the sale of the above oil, the state can continue to process the remaining oil production from the five wells of more than 100,000 barrels and can drill additional oil wells to produce oil in the area," he said.

At a 9 August 2022 press conference on the achievements made by the Ministry of Mines and Energy over the past five years, Secretary of State Meng Saktheara stated that the case of Cambodia’s oil theft is not related to the officials of the Ministry of Mines and Energy or to other government officials. He said it was not a case of corruption or conspiracy to exploit this oil supply, but was rather due to the bankruptcy of Singapore's Cambodian oil company, leaving the company without money. The company could not pay for the oil’s transport fee, so the transport company stole the oil and left it to the relevant parties to handle.