AE86 wrote: ↑Sun May 07, 2017 1:01 pm I thought everything was supposed to be electric and self driving by the year 2020.

StroppyChops wrote: ↑Sun May 07, 2017 6:46 pm Some years ago an Indian (head-wobble, not come-to-my-casino)...

Anchor Moy wrote:

AE86 wrote: ↑Sun May 07, 2017 1:01 pm I thought everything was supposed to be electric and self driving by the year 2020.

We already have self-driving - way ahead of the rest of the world.

Chinese companies will be providing the funding, construction and installation of the refinery and its machinery, according to Mr. Huor. He also said CPC may end up selling 100 percent of its ownership stake to a foreign- or Cambodian-owned company.
CPC’s own investment has been to purchase the 365-hectare plot of land in Preah Sihanouk province where the refinery is set to be built, Mr. Huor said.

The $620 million price tag for the construction of phase one is being funded solely by a Chinese-listed construction company, Sino Great Wall International Engineering Co., and is backed by a loan from China’s state-run Export-Import Bank of China (EximBank), according to Mr. Huor.

“This company [Sino Great Wall] has the funds…. They do the construction for us,” Mr. Huor said. “Within this two years, they will finish building this factory and hand it over to us. Therefore, during the construction, we have not touched the EximBank funds yet.”

Before Sino Great Wall hands over the refinery, the Cambodian company will have to come up with $620 million. EximBank has agreed to provide the funding if necessary. However, the board members of the CPC hope to raise money themselves before accepting EximBank’s loan, Mr. Huor said, which could be achieved by selling ownership of the project to foreign entities.

“I could not tell you” who will own the company once the refinery comes online in two years, he said. “Right now it belongs to [the CPC] 100 percent.” However, that could change if an outside company made an offer, he said.

The business potential of the refinery may be complicated by a region-wide boom of new refineries in recent years, combined with slowing demand from the region’s largest consumer, China, resulting in a glut of refining capacity and refined products.

Last month, The Wall Street Journal reported that the combination posed a threat to the billions of dollars already invested in refining operations in Asia. Analysts expected the surplus to continue to at least 2021, the Journal reported.
The state-run China Daily reported in September that China’s oil refineries were operating at below 70 percent capacity due to an oversupply in petroleum products.