Malaysia cancels three pipe projects signed with China
Malaysia has cancelled three China-backed pipe projects, after they were suspended in July.
An oil pipeline in Pangerang in Malaysia's southern state of Johor (Source: Reuters)Kuala Lumpur (VNA) – Malaysia has cancelled three China-backed pipe projects, after they were suspended in July.
Malaysian Finance Minister Lim Guan Eng said that the cancelled projects were two oil and gas pipelines that cost more than 1 billion USD each, and a 795 million USD pipeline linking Malacca state to a Petronas refinery and petrochemical plant in Johor state, the Financial Times reported.
Lim added that he had sent a letter to relevant parties in Beijing to terminate the schemes, without disclosing the cancellation fees Malaysia would incur for ending the pipeline contracts.
On August 21, Malaysian Prime Minister Mahathir Mohamad said that the three other Chinese-funded projects would be cancelled until Malaysia can afford them.
They are the 20 billion USD East Coast Rail Link (ECRL) project and two natural gas pipeline projects worth 2.3 billion USD in Sabah and Kedah States.
Mahathir explained that if Malaysia continues implementing these projects, it will need to borrow a huge amount of money that the country could not afford.
These projects are not necessary for Malaysia now as the country has to work hard to fix domestic financial deficit, he said.
At present, the Malaysian Government is exerting every effort to reduce the national debt, which has climbed to 250 billion USD, he added.-VNA
You should also see
PM urges village elders, citizens to help preserve cultural heritage
Prime Minister Pham Minh Chinh has asked village elders and chiefs, skilled artisans and reputable citizens to make greater efforts to preserve and promote tangible and intangible cultural heritage, which is the quintessence and core value of the nation.
See more
World
Indonesia develops sustainable tourism
Indonesia has been working to realise its goal of building a quality, sustainable and environmentally friendly tourism industry.
World
Vietnam to have many opportunities from digitalisation, green transformation: IMF
The International Monetary Fund (IMF) has forecasted that Vietnam will have many opportunities from digitalisation and green transformation, according to IMF Asia and Pacific Department Director Krishna Srinivasan.
World
Thailand’s EV sales forecast to miss target
Electric vehicle (EV) sales in Thailand may fail to reach the estimate of 130,000 units this year as prices are likely to keep changing, according to Hyundai Mobility Thailand.
World
Thailand, EU hope to sign FTA in mid-2025
Before the Songkran holiday, senior officials from Thailand and the European Union (EU) met in Bangkok to discuss ways to promote their relationship, including the framework of the Free Trade Agreement (FTA), green transformation, and Schengen visa waiver, Thai media has reported.
World
India’s trade deficit with ASEAN widens
India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has more than doubled since the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA) in 2010.
