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(Bloomberg) — Cambodia is drawing interest from liquefied natural gas exporters including the US, Canada and Australia, as well as Middle East and Southeast Asian nations ahead of its first plant coming online by next year.
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The government will look at both the price and stability of supply when issuing a tender and selecting a shipper, Minister of Mines and Energy Keo Rottanak told Bloomberg Television in an interview on Friday.
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Cambodia is “doubling down” on LNG as a transition fuel, and the new 900 megawatt plant is part of a plan to diversify energy sources, he added.
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At present, Cambodia gets about 63% of its energy from renewable sources, a relatively elevated proportion that has helped to shield the economy from the fall-out from the war in the Middle East, the minister said. By the end of the decade that share is expected to have expanded to about 70%, with LNG accounting for part of the other 30%, Keo Rottanak said.
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Electricity prices have not been increased since the war broke out despite escalating energy prices, with the government helping “absorb the shock,” the minister said. Taxes and duties on fuels have been reduced, a policy that would continue despite extra budget costs of up to $60 million a month, he said.
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At this difficult time, “we want to make sure that industry continues to grow, at least keep their factory processes going,” he said. “So, if it were to take longer, we will continue to support our households, our industry.”
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—With assistance from Ramsey Al-Rikabi and Naman Tandon.
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