Categories: Stock Market

Malaysia says it will protect its rights in South China Sea By Reuters


© Reuters. FILE PHOTO: Malaysian Prime Minister Anwar Ibrahim attends a wreath-laying ceremony at Rizal Park, in Manila, Philippines, March 2, 2023. REUTERS/Lisa Marie David

KUALA LUMPUR (Reuters) – Malaysia said on Saturday it was firmly committed to protecting its sovereign rights and interests in the South China Sea after China expressed concern about Malaysian energy projects in a part of the sea that China also claims.

Malaysian Prime Minister Anwar Ibrahim said on Tuesday China was worried about activity by the state energy firm Petronas in a part of the South China Sea that Malaysia says is its territory.

Anwar said he was open to negotiations with China, drawing criticism from the opposition, which said Anwar was risking Malaysia’s sovereignty.

The foreign ministry said in a Saturday statement Anwar’s comment meant Malaysia would like all issues related to the South China Sea to be resolved in a peaceful manner and without compromising Malaysia’s position.

“The government of Malaysia is unequivocally and firmly committed to protecting Malaysia’s sovereignty, sovereign rights and interests in its maritime areas in the South China Sea,” the ministry said.

China claims sovereignty over almost the entire South China Sea, through which about $3 trillion worth of ship-borne trade passes annually. Malaysia, Brunei, the Philippines, Taiwan and Vietnam have some overlapping claims.

Petronas operates oil and gas fields within Malaysia’s exclusive economic zone (EEZ) and has in recent years had several encounters with Chinese vessels.

China stakes its claim with a reference to a “nine-dash line” on its maps, which loops as far as 1,500 km south of its mainland, cutting into the EEZs of Vietnam, the Philippines, Malaysia, Brunei and Indonesia.

The Permanent Court of Arbitration, however, ruled in 2016 that the nine-dash line has no legal basis.

Anwar said this week Petronas would continue its activities in the South China Sea.

Source link

nasdaqpicks.com

Share
Published by
nasdaqpicks.com

Recent Posts

UK accountants push to end fees cap on ESG work for audit clients

Stay informed with free updatesSimply sign up to the Accounting & Consulting services myFT Digest…

50 seconds ago

Tackling soaring airfares: Govt plans predictive monitoring system

In a bid to safeguard air passengers from exorbitant fare hikes, Centre is planning to…

2 minutes ago

Reliance, Asian Paints to Tata Motors: Over 700 stocks sink to 52-week lows amid stock market crash

As many as 721 stocks, including Reliance Industries, Asian Paints, Tata Motors and Power Grid,…

7 minutes ago

Airtel awards contracts to Nokia to expand 5G Wireless Broadband Access

Bharti Airtel has entered into a contract with Nokia to expand 5G Fixed Wireless Access…

9 minutes ago

TN urge Union Environment Ministry clearances and funding for several projects

Tamil Nadu has urged the Centre to expedite the clearance to the proposal for reconstitution…

16 minutes ago

Ukraine launches recruitment drive for young soldiers to fight Russia

Stay informed with free updatesSimply sign up to the War in Ukraine myFT Digest --…

18 minutes ago