Tuesday 16 July
Jul 8, 2019 @ 18:26

Endless ‘yan! Locsin rebuts Cusi on November deadline on PH-China oil deal

 

Foreign Affairs Secretary Teddy Locsin rejected Energy Secretary Alfonso Cusi’s claim that the Philippines and China have agreed to a November deadline to iron out a joint exploration deal.

“There is no one year deadline for specific project. Just best effort. There is also no deadline on the brilliant oil and gas (Memorandum of Understanding) I wrote (and) China (and the Philippines) signed. It is endless,” Locsin said on Twitter.

Locsin also said that he has accepted China’s version of the proposed Terms of Reference for the oil exploration venture which considered “superior” to the Philippine version. “Everything going well,” Locsin said.

The Philippines and China signed an MOU on oil and gas development during the visit of Chinese President Xi Jinping to the Philippines in November kast year.

When asked for updates on the oil deal, Cusi said: “We’re working on that. That’s why before it expires… something positive, something concrete must be reached between the two countries on how we can tap the resources and use it for the benefit of our people.”
“I don’t like to speculate but our goal is that we want to finish it by November. We’ve had exchanges of documents and information between the two countries. The negotiation continues,” he added.

Duterte has suggested a 60-40 sharing arrangement on the joint oil exploration but in the face of the anti-China backlash, he does not expect China President Xi Jinping to give the Philippines majority.

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