China ready to resume oil and gas talks with the Philippines, says Xi

BEIJING/MANILA: China is ready to resume oil and gas talks and manage maritime issues “cordially” with the Philippines, China President Xi Jinping said on Wednesday, according to Chinese state television.

Xi was speaking to his Philippines counterpart Ferdinand Marcos Jr, who was on a three-day visit to Beijing.

Beijing territorial claims in the South China Sea, which is rich in oil, gas and fish and where about $3 trillion in ship-borne trade passes annually, had been a source of tension between it and some Southeast Asian countries, including the Philippines.

The Philippines had previously raised concerns over reported Chinese construction activities and the “swarming” of Beijing’s vessels in disputed waters of the South China Sea.

“We also discussed what we can do to move forward, to avoid any possible mistakes, misunderstandings that could trigger a bigger problem than what we already have,” Marcos told reporters.

Marcos said he received Xi’s promise for a compromise and solution that could allow Philippine fishermen to operate In their historic fishing grounds.