The Southeast Asian nation of East Timor celebrates 10 years of independence tomorrow night facing a challenge that has eluded emerging economies across the world: How to stop oil wealth wrecking your economy.
East Timor President Jose Ramos- Horta said he wants Woodside Petroleum Ltd. and its partners in the Sunrise project off northern Australia to pipe the gas to a plant in his country because it would spur the economy.
East Timor plans to spend $3 million studying the option of building a plant in the country to process gas from the Sunrise project operated by Australia’s Woodside Petroleum Ltd., Prime Minister Xanana Gusmao said.
Hillary Clinton stopped in East Timor today, lending her support to efforts to expand economic opportunities in the tiny Southeast Asian nation that is lagging behind its better-off neighbors 10 years after independence.
Woodside Petroleum Ltd. Chief Executive Officer Don Voelte said he’s concerned about the development of the Sunrise gas project off northern Australia after East Timor objected to the company’s plans for the field.