Sign up | Log in



Home  >>   Daily News  >>   Cambodia News  >>   Commodities  >>   New law ends 'secret' oil, mining firms' payments to Cambodia
NEWS UPDATES Asean Affairs    28 August  2012

New law ends 'secret' oil, mining firms' payments to Cambodia


Oxfam America praised the US Securities and Exchange Commission yesterday for implementing a 2010 transparency law which it said would provide important  information to investors and "help stem corruption" in resource-rich countries.

Final regulations issued on August 22 require oil, gas and mining companies listed on US stock exchanges to disclose payments they make at the country and project level to the United States and foreign governments, a statement said. They cover more than 1,100 companies including about 90 per cent of internationally-operating oil companies and many of the top international mining companies.  

"For Cambodia, this means that companies operating in Cambodia, such as Chevron, Total and the China National Offshore Oil Corporation (CNOOC) will have to comply with the new rules and disclose payments made to the Cambodian government on a project-by-project basis for fiscal years ending after Sept 30, 2013 in 2014," it said.

Brian Lund, Oxfam America’s regional director for East Asia, said the SEC had "struck a powerful blow against secret payments from oil and mining companies to governments.

"With the click of a mouse on the SEC website, citizens will be able to have the information they need to track the amount of money their government receives from many oil and mining companies,” he said.

"The new requirements will help to ensure equitable economic growth from oil and mineral extraction and benefit ordinary  Cambodians. The project-level disclosure required will provide communities and local officials in Cambodia with detailed information on the revenue from natural resources extracted from their community lands," Lund said.

“Similar transparency requirements should be enshrined in current Cambodian draft laws that will govern the oil, gas and mining sector; and we hope Cambodia will look for opportunity to develop a similar national disclosure policy.  

"Cambodia could help bring these rules to life, for example, by sharing this mandatory disaggregated project-by-project information on the Ministry of Finance and Economy’s Table of Government Financial Operation website.  

"Knowing how much was paid to the government and in what form will enable Cambodians to actively participate in decisions that affect their own lives and Cambodia’s development.”

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    28 August 2012  Subsribe Now !
• Hong Kong eyes inclusion in Asean-China FTA ...   Subcribe: Asean Affairs Global Magazine
• Philippine Airlines signs deal to acquire 85 ... Asean Affairs Premium

• New law ends 'secret' oil, mining firms' ...

Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Malaysia's Q1 retail sales below forecast
• Thai rice for Iranian oil, mulled
• Malaysian mission to help Ronhingya refugees
• Top Islamic tourist destination: Malaysia  
• Oil prices hit three month high  
Asean Analysis              28 August 2012 Advertise Your Brand
• Asean Analysis- August 28, 2012  
• Asean Weekly- August 17, 2012 Sponsor Our Events

Asean Stock Watch      28  August 2012  

• Asean Stock Watch-August 28, 2012 p

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand