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World Briefing / JAPAN

Tokyo, Beijing reach deal on gas

June 19, 2008|From Times Wire Reports

Japan and China have agreed to jointly develop part of the gas deposits in the East China Sea, a major breakthrough in a long-standing dispute, the Japanese government announced.

Tokyo and Beijing will jointly explore undersea gas deposits at two of the main potential sites in disputed areas of the East China Sea, their first concrete agreement on the ownership of and exploration rights to the undersea resources, the Foreign Ministry said.

China's Foreign Ministry called the agreement "a mutually beneficial win-win result."

The deal allows Japan to invest in and claim proportional profits from several projects at the Chunxiao fields, which Japan calls Shirakaba, Japan's Foreign Ministry said. Two Chinese firms are already drilling at the site.

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