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