Vietnam Has Sovereign Concerns Over CNOOC's $30 Billion Oil E&P Plan
Friday November 28th, 2008 / 6h11
HANOI -(Dow Jones)- Vietnam said it is closely monitoring the activities of China National Offshore Oil Corp., or CNOOC, in the East Sea following the company's announcement that it plans to search for oil in waters over which the country claims sovereignty. CNOOC said earlier this week that it will invest almost $30 billion through 2020 to develop oil and gas deposits in the South China Sea, which Vietnam calls the East Sea. "All activities conducted in Vietnam's waters and continental shelf without its consent are violations of its sovereignty and national interest and completely valueless," Ministry of Foreign Affairs spokesman Le Dung said in the statement. Dung said Vietnam possesses sufficient historical evidence and a legal basis to confirm its indisputable sovereignty and rights over the Hoang Sa (Paracel) and Truong Sa (Spratly) archipelagos, as well as Vietnam's waters and continental shelf. "While actively promoting peaceful negotiations to seek basic and durable solutions, all involved parties should refrain from actions that would further complicate the situation," he said. Dung said Vietnam would look to solve any dispute through peaceful negotiations on the basis of respect for international law. -By Vu Trong Khanh, Dow Jones Newswires; 844 35123042; trong-khanh.vu@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=jeKC25kMyC6Amc39o%2BYVGQ%3D%3D. You can use this link on the day this article is published and the following day.
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