MANILA - Philippine President Rodrigo Duterte said his Chinese counterpart has offered Manila a controlling stake in a joint energy venture in the South China Sea, if it sets aside an international arbitral award that went against Beijing.
"Set aside your claim," he said, quoting Mr Xi."Then allow everybody connected with the Chinese companies. They want to explore. If there is something, they said, we will be gracious enough to give you 60 per cent, only 40 per cent will be theirs. That is the promise of Xi Jinping." The United States has called that bullying and coercion aimed at denying rivals' access to their energy assets.
Source: Energy Industry News (energyindustrynews.net)
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