Malaysia shuts down Chinese petro companies.
Summary: Washington D.C [United States of America], Sept 18 (ANI) Malaysia has pulled the plug on three Chinese oil and gas pipeline projects.
Washington D.C [United States of America], Sept 18 ( ANI ) Malaysia has pulled the plug on three Chinese oil and gas pipeline projects.
The Malaysian government informed the China Petroleum Pipeline Engineering Company (CPP) through a notification that it has 'formally closed' its three projects- MPP, TSGP and Petronas, stated Chinascope, attributing the information to Seehua, the Malaysian online Chinese news site.
Chinascope, a media research company, says that the CPP accepted the decision that stemmed from 'economic and financial reasons.'
The CPP is a subsidiary of the China National Petroleum Corporation, which is responsible for building a pipeline structure across China.
After shutting down the projects, "the two parties will discuss fair and reasonable compensation arrangements," writes the media research company.
It further mentions that the shut projects remain more than 85 per cent incomplete even as China had received a major chunk of payment.
The Malaysian authorities have put other projects also under a scanner. "Some projects are still under investigation," writes Chinascope.
"The Malaysian Ministry of Finance paused two of the three projects in July. The new Malaysian administration had delivered on over 20 campaign promises (around 35 per cent) in its first 100 days in power," the report added. ( ANI )
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|Publication:||Asian News International|
|Date:||Sep 18, 2018|
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