Pangilinan offers Spratlys to Chinese oil firm in Reed Bank talks

**Retz** · March 11th, 2014 11:48 AM

Pangilinan offers Spratlys to Chinese oil firm in Reed Bank talks

BUSINESS tycoon Manuel Pangilinan offered China’s state-owned oil firm access to the Spratly group of islands in the South China Sea over which the Philippines has a territorial claim, although he had no legal capacity to do so.

Pangilinan, chairman and chief executive officer of Philex Petroleum Corp, offered to include in his discussions with officials of the state-owned China National Offshore Oil Corp. (CNOOC) the Spratlys Islands, even if his company’s contract with the Philippine government is limited to Reed Bank, which is part of Palawan.

In an aide memoire addressed to President Benigno Aquino dated May 7, 2012, Pangilinan reported on his meeting with CNOOC officials led by its president Yang Hua and listed his 11 point proposal which, he said, the Chinese “received positively.”

Philex Chairman Manuel V. Pangilinan and Yang Hua, CNOOC president
Philex Chairman Manuel V. Pangilinan and Yang Hua, CNOOC president
The 11-point proposal includes a Framework Agreement between Philex and CNOOC “relating to an area of mutual interest which will be defined as the area covered by SC 72.”

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Pangilinan offers Spratlys to Chinese oil firm in Reed Bank talks

**Manilablock** · March 11th, 2014 11:52 AM

Kung tinangap ng china ung offer ang ibig sabihin nito accepted din nila na ito ay part ng philippines, much better nga na ma develop na ung area na yan hanga maaga, at kumita ang pinas sa resources na available.

**badkuk** · March 11th, 2014 12:22 PM

i think we have to be specific about the terms being used here. Maybe MVP is merely suggesting a framework/agreement on how to go about the Spratlys issue, and not offering it per se, as he clearly has no legal claims. Perhaps he just proposed an agreement and suggested it to government. Kumbaga self-presenting arbiter siya, and not "selling out" the Spratlys per se.

**yebo** · March 11th, 2014 02:37 PM

^^ but why to the chinese? Pwede naman joint development with a japanese or american company, from a country that has no claims in the spratlys. Much better nga if with a US company, like Halliburton, which can have the whole effing US military establishment behind it.

gag0 yang pangilinan na yan!

**Helios** · March 12th, 2014 01:43 AM

obviously, money.

investors from the phils, indonesia and china don't care about sovereign issues
never been
never will

**Gumusut_Amige** · March 12th, 2014 08:22 AM

is this covered by our constitution?
agree ako kay bro yebo, why to the chinese?

**baludoy** · March 12th, 2014 09:50 AM

Originally Posted by Helios

obviously, money.

investors from the phils, indonesia and china don't care about sovereign issues
never been
never will

true. money knows no nationalities in transnational business interests

even americans, the french, the chinese , etc sell weapons and technology to the so-called enemies of their respective states

**badkuk** · March 12th, 2014 10:23 AM

i guess MVP thinks that, at least in the purest business sense, less hassle if he deals with the Chinese. Should the deal push through, he then has big bad China on his side, shoving off the other SEA nations claiming the Spratlys.

From a business standpoint, it makes sense; from a political standpoint, it's borderline treason. As to why MVP insists on investing in such highly political ventures , i don't know :confused: