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Article: East Timor to get spoils from the oils.
- Article from:
- United Press International
- Article date:
- July 4, 2001
CopyrightCOPYRIGHT 2001 United Press International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, Australia, Jul 04, 2001
East Timor, which is about to become the world's newest country -- and possibly its poorest -- is set to receive more than $7 billion over 20 years from a treaty governing the sharing of royalties from oil and gas reserves in the Timor Sea, just north of Australia.
Australia Minister for Foreign Affairs Alexander Downer will travel to Dili, East Timor, on Thursday to endorse the agreement between Australia and East Timor. The treaty is the product of long negotiations between the two nations and U.N. officials and will come into force upon East Timor's independence, which is expected to occur early in 2002. Currently, East ...