The boss wants it sorted...now....2 Mar 2023 20:42
The President of the Timorese Republic today asked the Government and the state oil company Timor GAP to act with "extreme speed" to resolve the impasse with the company Timor Resources, active in oil and gas exploration in the country.
"I ask you to see this issue with extreme celerity, and with total integrity, without favoritism", said José Ramos-Horta, in statements to Lusa.
“I am concerned that, if there is no urgent and fair solution, this will discredit Timor-Leste as a destination for investors. Timor-Leste already has a very low rating, at an international level, in terms of the business environment. much more difficult and may even make negotiations on the Greater Sunrise project and bring the pipeline to Timor-Leste difficult", considered the head of state.
The President of the Republic reacted to the news released today by Lusa that the company Timor Resources, involved in the exploration of several wells in the southern interior of the country, will sue the oil company Timor GAP, a partner in the project, for non-payment of its financial contribution, according to company sources.
"Timor Resources lawyers met this week with lawyers in Timor-Leste and the project will stop when the test drilling is completed, while the operator legally sues Timor GAP for non-payment of its contractually required contribution", said a source. company official to Lusa.
At issue, according to the same source, is the late payment of US$11 million (10.33 million euros) corresponding to what Timor Resources says are contractual obligations of financial injection by Timor GAP, a 50% partner in the consortium of project.
"Timor GAP has not made the payment for the calendar years 2022 and 2023 and they are now at risk of losing their participation in the project", he explained.
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