The Senate of Cambodia has unanimously approved the draft law on petroleum and petroleum production management.
The 53 senators present at the third session of the fourth legislature of the Senate held here yesterday under the chairmanship of its President Samdech Vibol Sena Pheakdei Say Chhum, voted for the nine-chapter and 72-article draft law.
According to H.E. Mam Bunneang, Spokesperson for the Senate, this bill will allow good petroleum management, both in the main land and offshore.
For his part, H.E. Suy Sèm, Minister of Mines and Energy, who represented the Royal Government to defend the draft law, said that this bill will ensure efficiency, transparency and accountability for sustainable extraction and management of the resource and build confidence among potential investors.
Ministry of Mines and Energy started leading the compilation of the law in 1996 and it underwent comprehensive review process grounding on experiences from other countries and national and international experts in the industry.
At the same time, the Senate also reviewed and endorsed the draft laws on the approvals of agreements between Cambodia and Bangladesh, United Arab Emirates (UAE), and Turkey respectively on reciprocal promotion and protection of investments, and of agreement on the establishment of International Bamboo and Rattan Organisation.