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China-backed pipeline jobs axed


The Financial Times earlier cited Malaysian Finance Minister Lim Guan Eng saying he had sent a letter to “relevant parties” in Beijing to terminate the planned projects.

The Financial Times earlier cited Malaysian Finance Minister Lim Guan Eng saying he had sent a letter to “relevant parties” in Beijing to terminate the planned projects.

SINGAPORE: Malaysia has finally scrapped three China-backed pipeline projects after halting work on them following the shock elections in May that saw an opposition alliance assuming power for the first time in the country.

A finance ministry spokeswoman confirmed that the country has cancelled three China-backed pipeline projects.

The Financial Times earlier cited Malaysian Finance Minister Lim Guan Eng saying he had sent a letter to “relevant parties” in Beijing to terminate the planned projects.

The plans comprise of two oil and gas pipelines that cost more than US$1bil each as well as a US$795mil pipeline that would link Melaka to a refinery and petrochemical plant in Johor, the paper reported. — Bloomberg

 

Corporate News , Oil & Gas , China , pipeline

   

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