Photo Credit: LNG World News
Economy, Investment and Trade
China and Japan bid for Philippines’ LNG project
Filipino Energy Secretary Alfonso Cusi has said that China and Japan have submitted competing bids for a US$2 billion liquefied natural gas (LNG) project in the country. The Philippines is prone to price spikes for electricity whenever the country’s lone LNG facility undergoes maintenance. The proposed project includes plans to import LNG from other countries while alternate resources in the Philippine are being developed. This includes importing from fields in the South China Sea.
Source: Nikkei Asian Review (4 April 2017)
Singapore Exchange files complaint against CEO of Chinese company
The Singapore Exchange Ltd. (SGX) has filed a complaint with the authorities in China against the executive chairman and CEO of China Fibretech Ltd., a fabric dying company. The company had an initial public offering in Singapore in 2008 and by the time the stock stopped trading in 2015 it has lost 90 percent of its value. This move comes as SGX continues to tighten its listing process. Companies from China raised US$140 million in Singapore last year, significantly lower than the US$1.8 billion before the global financial crisis.
Source: Bloomberg (2 April 2017)
ASEAN and China discuss draft code of conduct
The framework on the code of conduct for the South China Sea was presented by China at the 20th ASEAN-China meeting in Siem Reap, Cambodia. The document was fiercely debated by the Philippines, Vietnam and Singapore. However, the contents of the draft were not released to the public and all 10 ASEAN member states will take the the draft back to their respective countries to digest before the next meeting of officials which will take place in May in China.
Source: Bangkok Post (31 March 2017)
Malaysia and China to set up panel on security and defence
China’s Central Military Commission vice-chairman General Xu Qiliang paid a courtesy call to Malaysian Defence Minister Datuk Seri Hishammuddin Hussein last week. The meeting ended in an agreement to set up a high-level committee which will discuss security threats and defence issues which pertain to both countries. This will include addressing any issues that could strengthen or weaken bilateral ties such as North Korea, the South China Sea and terrorism. The committee is to be chaired by Malaysia and China’s defence ministers.
Source: The Star (29 March 2017)
Cambodia and Thailand strengthen military ties with China
Both Cambodia and Thailand are deepening their military ties with China, which is seen as another step in shifting their relationship away from Washington to Beijing. The Thai government agreed to buy 10 tanks from China for US$58 million which will replace US-made tanks. Cambodia informed the US embassy that the services of a United States Navy unit are no longer needed. This move means that US Navy mobile construction battalions plans to build 20 schools and hospitals will be cancelled.
Source: The Straits Times (5 April 2017)