Philippines sign offshore oil and gas deal with China
China and the Philippines agreed a deal concerning joint oil and gas exploration in the disputed South China Sea on Tuesday in Manila.
The two sides signed a memorandum of understanding (MOU) alongside 28 deals related to basic education, agricultural cooperatives and infrastructure projects at a meeting between visiting Chinese President Xi Jinping and his Philippine counterpart Rodrigo Duterte.
Details of the oil and gas agreement’s framework have not been made public, but, according to a two-page Chinese draft of the deal, exploration will be carried out based on the principles of mutual respect and benefit, and would affect neither sovereignty nor maritime rights.
In addition, China will authorise its state-owned China National Offshore Oil Corporation to undertake joint exploration projects in relevant areas of the South China Sea
This is the first state visit by a Chinese president to the Philippines in 13 years, due to a breakdown in relations between the two countries. The rift was caused by a longstanding territorial dispute over the South China Sea.
On November 13, Duterte told reporters that China already had control of the sea. The 73-year-old said: “It’s now in their hands, so why do we have to create frictions (and undertake) strong military activity that will prompt a response from China?”
The Philippines is the last stop on Xi’s three-country Asia-Pacific tour. He has already visited Brunei and Papua New Guinea, where he also attended the 26th Asia-Pacific Economic Cooperation Economic Leaders’ Meeting.
Source : https://gbtimes.com/philippines-sign-offshore-oil-and-gas-deal-with-china
Published: 21-11-2018
