Chinese Premier urges joint oil exploration of Spratleys
Posted: 6:18 PM | Jul. 04, 2005

BEIJING -- Chinese Premier Wen Jiabao said oil companies from China, Vietnam and the Philippines should begin a joint search for oil reserves around the disputed Spratlys Islands in the South China Sea as soon as possible, state press said.

Wen made the remarks during talks with his Vietnamese counterpart Phan Van Khai on the sidelines of the second summit of the Greater Mekong Subregion (GMS) Economic Cooperation, Xinhua news agency said.

Wen said he hoped oil companies from the three countries would start joint prospecting in the South China Sea as soon as possible, the report said.

Phan responded that Vietnam would work together with China and the Philippines to promote the development of the three-nation joint exploration.

In March, the rival claimants signed a landmark agreement to conduct a joint survey of the oil potential in the area that has been a flashpoint for years, most notably between China, Vietnam and the Philippines.

There was no immediate comment by Brunei , Malaysia and Taiwan , the other Spratly claimants. All claimants, except Brunei, station troops on parts of the archipelago.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=07&dd=04&file=18