A Chinese-based oil exploration company and a Canadian partner have entered into preliminary negotiations with the government to obtain an exploration licence in Block D in the Gulf of Thailand, according to a government spokesman.

Cheap Sour, spokesman at the Ministry of Mines and Energy in Cambodia , said the government had approved an application from Cambodian Resource Energy Development Co Ltd and was now in the process of setting up an inter-ministerial committee to negotiate with the company.

The ministry has not released the names of the two companies backing the project.

“If we successfully negotiate an agreement, then we will sign the agreement so that the company can start their work,” he said, adding that the negotiations were “still in the early stages.”

The Cambodian Resource Energy Development Co Ltd registered with the Ministry of Commerce in April last year, according to the ministry’s website, and listed Chen Bo as the chairman of its board of directors.

Block D is a 5,500-square-kilometre zone in the Gulf of Thailand that was previously licensed to Cambodian firm CPHL (Cambodia). The government revoked that exploration licence in May 2016 after the company failed to meet the terms of the agreement.

Sour said he was unable to predict when or if the new agreement with Cambodian Resource Energy Development would be finalised. – Phnom Penh Post

Ayala unit to buy land from sugar mill owner

Philippine property giant Ayala Land Inc. (ALI) is set to acquire some of the land assets of Central Azucarera de Tarlac, Inc (CAT) after receiving a go-signal from the country’s antitrust body.

In a statement, the Philippine Competition Commission (PCC) said it had approved ALI’s purchase of approximately 290 hectares of land owned by CAT, which is located in Barangay Central, San Miguel, Tarlac City, Tarlac.

PCC said the deal “does not result in a substantial lessening of competition” given that the parties involved were not part of the same geographic market.

“The commission hereby resolves that it will take no further action with respect to the transaction,” the decision, which was made available online, read.

According to company information on the local bourse, CAT operates an integrated manufacturing facility that processes sugar and all its byproducts. Its business and facilities include the sugar milling and refinery, distillery and carbon dioxide plants located in Tarlac.

CAT also owns Luisita Land Corporation (LLC), a company engaged in developing, leasing and selling real estate properties and other ancillary services.

CAT, through LLC, provides water distribution and wastewater treatment facilities to locators of Luisita Industrial Park and residents of Las Haciendas de Luisita.

On the other hand, ALI is engaged in the planning and development of large-scale and integrated estates covering residential, commercial and industrial lots, among others.

The announcement came as PCC raised its notification thresholds in order to weed out anticompetitive mergers and acquisitions.

The new thresholds would take effect later this month. – The Philippine Daily Inquirer