Bankruptcy Casts Shadow Over Cambodian Oil Extraction Ceremony

Last week, the Singaporean company operating the country’s only offshore oil block filed for liquidation.

This morning, the first drop of oil extracted from Cambodia’s offshore deposits was ceremonially installed at the Win-Win Monument in the country’s capital Phnom Penh.

According to the state media agency Agence Kampuchea Presse, the oil, enclosed within a tear-shaped glass ampoule perched on a golden stand (see photo), was installed in the monument by Minister of Energy and Mines Suy Sem and Tea Banh, Cambodia’s minister of defense, who also chaired the committee tasked with constructing the $12 million monument.

In a speech, Tea Banh described the extraction of oil as “an important first step for the country to build national capacity and its oil, gas, and energy industry.”

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