Cambodia’s oil export ambitions sink with “stolen” tanker standoff

When Cambodian officials commemorated the start of the country’s first oil project in June by preserving the first drops of production at a high profile ceremony, they heralded the country’s emergence as a budding oil exporter at the heart of Asia.

But instead of reaping royalties, Cambodia’s government has filed a theft complaint against the crew of the tanker that stored the crude, after they sailed away with the oil amid a payment dispute with the oil field’s developer.

Singapore-based KrisEnergy, which owns a 95% stake in the offshore Apsara field in the Gulf of Thailand, was forced into liquidation shortly after production began in December 2020. Cost overruns and poor oil yields from the project had left the company unable to repay debt.

In full: https://www.reuters.com/business/energy/cambodias-oil-export-ambitions-sink-with-stolen-tanker-standoff-2021-08-27/

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