Lock said the Cabinet approved a re-search proposed by U.S. maritime exploration company Ocean Infinity last week and is expected to finalize contract negotiations early next year.
"The new search area is based on the latest information and data from experts and researchers," he said, adding that it was a credible proposal.
Ocean Infinity spent 18 months searching 15,000 square kilometers of waters off the coast of Western Australia, and offered the condition of receiving $70 million and about 101.5 billion won in Korean money only if important parts of the remains of the missing period are found.
Flight MH370 suddenly disappeared on March 8, 2014, about 40 minutes after taking off from Kuala Lumpur, Malaysia, for Beijing, China with 239 people, including 227 passengers and 12 crew members.
At that time, the plane was carrying passengers from 14 countries, including 154 Chinese.
Malaysia worked with China and Australia to conduct a three-year search in the Indian Ocean west of Australia, but ended the search in January 2017 without producing results.
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