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Pangilinan offers Spratlys to Chinese oil firm in Reed Bank talks
BUSINESS tycoon Manuel Pangilinan offered Chinas 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 companys 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