Last update 6/11/2011 10:20:00 AM (GMT+7)

China intimidates foreign oil explorers in Vietnam

VietNamNetBridge – The South China Morning on June 10, reported that China has intimidated Idemitsu, BP and ExxonMobil if they don’t withdraw from oil and gas projects in Vietnam.

Vietnamese agencies have informed its Japanese partners and other partners in the region about this matter and committed to keep a close eye on the situation.

Idemitsu has decided to pursue its projects in Vietnam, because its deals with the Vietnamese government totally observe international law.

In the cabinet’s monthly meeting in May, Minister Nguyen Xuan Phuc, Chairman of the Vietnamese Government’s Office, spoke that Vietnam is determined to defend its legitimate interests in its continental shelf and its exclusive economic zone.

The Vietnamese Government has committed to take measures to protect and guarantee safety for domestic and foreign investors in oil and gas exploration projects in Vietnam’s exclusive economic zone and Vietnam’s continental shelf.

The East Sea stretches from the western coast of Singapore to Taiwan Strait, totaling around 3.5 million square kilometers, with a deposit of over 50 billion of crude oil and over 20,000 billion cubic meters of gas.