VIETNAM VS CHINA: ILLEGAL MOVEMENT
Vietnam says China's plan to move its first deep-water drilling rig into the disputed South China Sea, one of Asia's most volatile hotspots, is illegal and has called for the rig to be removed from what it says is Vietnam's territorial waters.
The $1 billion offshore oil rig called Haiyang Shiyou 981 owned by the China's state-run CNOOC oil company has been drilling south of Hong Kong.
Maritime Safety Administration of China (MSAC) on Saturday published an announcement on its website saying it prohibits all marine vessels entering into a one mile radius of the Haiyang Shiyou 981's South China Sea drilling work.
Vietnam's Foreign Ministry spokesman on Sunday objected to the move, saying the oil rig coordinates were within Vietnam's exclusive economic zone and continental shelf, about 120 nautical miles off its coast.
"All activities of foreign countries in Vietnam's waters without Vietnam's permission are illegal and worthless, Vietnam resolutely opposed," spokesman Le Hai Binh said in a statement.
Vietnam's state Oil and Gas Group PetroVietnam sent a letter to CNOOC on Sunday saying it strongly objected to China's action and "insisted CNOOC stop immediately the illegal activities and pull out Haiyang Shiyou 981 of Vietnam's waters".
Despite Hanoi's objection, MSAC on Monday expanded the prohibited area around its oil rig to a three miles radius.
CNOOC, China's top offshore oil producer, in 2012 invited foreign companies to jointly develop nine blocks in the western part of the South China Sea, a move Vietnam said was illegal because the blocks overlap its territorial waters.
China and the 10 countries of the Association of South East Asian Nations, which will hold an ASEAN summit in Myanmar on May 10-11, are trying to negotiating a code of conduct to ease tensions in the South China Sea.
|January, 19, 12:45:00|
|January, 19, 12:40:00|
|January, 19, 12:35:00|
|January, 19, 12:30:00|
|January, 19, 12:25:00|
|January, 19, 12:20:00|
PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.