The Business Times
SUBSCRIBERS

China moves rig from disputed Paracels

Published Wed, Jul 16, 2014 · 10:00 PM
Share this article.

[SHANGHAI] A Chinese oil rig has finished drilling near the disputed Paracel islands in the South China Sea after finding signs of oil and gas and is being moved away from the area, more than two months after its deployment damaged relations with Hanoi.

The Vietnamese coastguard said the US$1 billion rig had been towed from contested waters. China's official Xinhua news agency said the rig would be relocated off the southernmost island province of Hainan.

The rig's relocation could reduce tensions between the two neighbours after one of the worst breakdowns in ties since they fought a brief war in 1979.

Its movement towards Hainan is also likely to be welcomed by Washington, which had criticised Chin…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Transport & Logistics

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here