Malaysia cancels China-backed pipeline projects: FT

-A +A

SINGAPORE (Sept 10): Malaysia has canceled three China-backed pipeline projects, the Financial Times reports, citing Finance Minister Lim Guan Eng.

* Projects include two oil and gas pipelines in mainland Malaysia and the island of Borneo, which cost more than $1b apiece, and a $795m pipeline linking state of Malacca to a Petronas refinery and petrochemical plant in Johor 

* All projects were suspended in July

* East Coast Rail Link has not been canceled but is being reviewed

* Lim did not disclose the cancellation fees Malaysia would incur for terminating the pipeline contracts

* NOTE: Mahathir Warns Against New ‘Colonialism’ During Visit to China