Timor-Leste: E. Timor President Vetoes Using Petroleum Fund to Buy Sunrise Gas Project

Dec 14, 2018 | Nelson Da Cruz, Reuters
View Original

East Timor’s president has vetoed a government bid to increase access to its petroleum fund for investment in energy projects, potentially delaying a $650 million buyout of Royal Dutch Shell and ConocoPhillip’s holdings in the Greater Sunrise gas project. Those deals would give Timor Leste a majority stake in the project, along with remaining partners including Australia’s Woodside Petroleum and Japan’s Osaka Gas.