French Total receives oil exploration concession

[FREE PRESS MAGAZINE]

The ministry of Economic and Finance indicated that the Cambodian government handed out an oil exploration concession to the French Total company. The concession is located inside the overlap sea between Cambodia and Thailand. In return, Total promises to provide social funds for the development of that zone.

The spokesman for the ministry of Economic and Finance indicated that Yves Lebail, the deputy-director of Total and the regional deputy director of Total in Cambodia, Vietnam and China, met with H.E. Keat Chhon, the minister of Economic and Finance, in Phnom Penh on 1st July 2011 to discuss the cooperation and the investment for oil exploration in Cambodia, as well as to discuss about social funds provided by the Total company.

The ministry official said that the Cambodian government and Total are determined to use these oil social funds for social developments that serve the interest of the Cambodian people.