Ministries Racing to Draft 'Transparent' Petroleum Laws

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Khmer Times/May Kunmakara

PHNOM PENH (Khmer Times) – The Ministry of Economy and Finance and the Ministry of Mines and Energy are joining forces to accelerate drafting two pieces of legislation that will lay a transparent foundation for the growth of the Kingdom’s oil and gas industry, a senior official told reporters yesterday.

Officials at both ministries are working overtime to finalize the two laws – one that will govern the petroleum industry and another that will create a taxation regime for it – early next year, said Meng Saktheara, spokesman for the Ministry of Mines and Energy.

“Now, both ministries... are closely cooperating to prepare the two main laws – a petroluem law and a law on oil and gas taxation. The laws will help [us] a lot to enforce, encourage and attract more foreign investors to increase exploration of our potential oil and gas resources,” he said.

read more: http://www.khmertimeskh.com/news/16253/ministries-racing-to-draft--transparent--petroleum-laws/

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The law makers are owned by the Thai oil & gas industry.

Fatfather