Cambodia to Earn 70 Percent of Stolen Oil Value
PHNOM PENH – Cambodia will gain the value of 70 percent of nearly 300,000 barrels of crude oil removed by the MT Strovolos tanker from the Block A oilfield in the Gulf of Thailand.
A final figure for the settlement has still to be worked out but previous estimates have been around $25 million.
A deal has been signed after negotiations between the Ministry of Mines and Energy and the vessel owner. The settlement will take place on Oct. 10. The crude oil was transferred to the buyer, Singaporean Trafigura, on Sept. 10.
Cheap Sour, director-general of the General Department of Petroleum at the Ministry of Mines and Energy, said the buyer will pay Cambodia 30 days after the oil transfer.
“We will take the average price and calculate the cost related to this oil until the end of September,” Cheap Sour said.
Cambodia would pay for taking care of the oil, transporting it and legal costs during the reclamation.
“We are very proud that Cambodia was able to get our oil back and get a 70 percent benefit because we have worked so hard in this regard,” he said.
The MT Strolovos sailed off with the oil on the night of June 4, 2021, after rig operator KrisEnergy went bankrupt.