Cambodia looks to the future of joint energy

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CSX Index mixed performance on November 3 On November 3, 2023, the CSX index closed at 442.0 points, 0.11% higher than the previous day. The top gainers on the main board were CGSM (+0.43%) and PPSP (+0.92%). Both PPAP (-0.14%) and PEPC (-4.92%) were the largest losers. The closing prices of PWSA, PAS, ABC, and MJQE were all the same as they were the previous day. On the growth board, JSL saw decreases of 0.85%, but DBDE stayed constant. 40,274 shares worth KHR 320 million were traded. (Source: YSC Research)

Economy and Industry

Cambodia looks to the future of joint energy Cambodia and Thailand are collaborating on a Joint Development Area (JDA) for oil and gas exploration within the Overlapping Claims Area (OCA), which could hold up to 500 million barrels. The area is expected to contain significant oil and gas deposits beneath the seafloor, and both nations are keen to secure a sustainable energy future. Thai energy minister Pirapan Salirathavibhaga plans to shift the focus of negotiations with Cambodia towards the OCA, prioritizing joint development over territorial sea delimitation. Both countries have asserted claims over their respective continental shelves and territorial seas at different points in time, each with distinct legal frameworks. Cambodian Minister of Mines and Energy Keo Rottanak expressed openness to collaborating with Thailand on the JDA, but has not received any invitations from Thai authorities. The development rights to the OCA have been a contentious issue since the early 1970s, with a memorandum of understanding signed in 2001. (Source: The Phnom Penh Post)

Trade between Cambodia and Indonesia is expected to surpass $1 billion Indonesia's Ambassador to the Kingdom, Dr Santo Darsumarto, expressed confidence in the trade value between Indonesia and Cambodia reaching over $1 billion by the end of 2023. Indonesia ranks sixth among trade partners for Cambodia, behind China, the United States, Vietnam, Thailand, and Japan. Trade with the Asian neighbour was valued at $808.07 million, an 18.6% increase from the previous year. Dr Darmosumarto noted similarities in food, particularly rice, as the staple diet for both countries. The embassy hosted a dinner to honour the winner of the prestigious Indonesian award Primaduta Award for outstanding exporter. The long-term people-to-people connection between the two countries strengthens their bond. Indonesia's support for Cambodia's peace process and long-term people-to-people connection makes ties special. The ambassador also expressed interest in investments from Indonesia and food products from Indonesia, with potential for future collaboration. (Source: Khmer Times)

Businesses in Cambodia are urged to increase their reporting on sustainability Cambodian businesses, including SMEs, are being urged to adopt international norms for sustainability reporting. The forum, organized by the European Chamber of Commerce in Cambodia (EuroCham), highlighted the growing global interest in sustainability reporting, with Southeast Asian countries like Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Indonesia making sustainability reports mandatory. However, there is limited data on Cambodian companies taking the initiative. The forum also highlighted the importance of environmental sustainability reporting, including pollution prevention, sustainable resource use, climate change mitigation, and biodiversity protection. The discussion also touched on the role of human rights in the Sustainable Development Goals (SDGs), with sustainability reporting being a slow-moving process in Cambodia. The Better Factories Cambodia initiative in the garment sector has improved labor standards and transparency. (Source: Khmer Times)

Corporate News

PPAP-SNP MoU to increase effectiveness and lower shipping costs between Cambodia and Vietnam Cambodia's Phnom Penh Autonomous Port has signed a memorandum of understanding (MoU) with the Saigon Newport Corporation (SNP) to improve efficiency and reduce shipping costs between the two countries. The signing ceremony took place at an SNP workshop to explore ways to strengthen connectivity and develop logistic routes. PPAP deputy director Hei Phanin said logistics between Vietnam and Cambodia has developed rapidly in recent years, strengthening ties along the common border. The company is constructing additional sub-ports along the Tonle Sap and Mekong rivers to connect services to important industrial and agricultural areas, reducing transportation costs and eliminating potential logistics issues. SNP's logistics specialists will contribute to strengthening connections and promoting strong transport services for the Vietnam-Cambodia road. (Source: Khmer Times)

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