Subject: AFP: Portuguese state-owned oil giant Galp mulls investments in East Timor

Agence France Presse -- English

November 4, 2004 Thursday 3:59 PM GMT

Portuguese state-owned oil giant Galp mulls investments in East Timor

LISBON Nov 4

Portugal's state-owned oil company Galp will send a delegation to East Timor at the end of the month to explore investment opportunities in the former Portuguese colony, East Timorese Prime Minister Mari Alkatiri said Thursday.

The delegation will discuss a broad range of potential investments with East Timorese officials, including possible investments in offshore oil and gas explorations projects and the establishment of a network of petrol stations, he told national news agency Lusa

"We will talk about everything, not only in terms of oil and gas but also in terms of energy," he said.

"It is very important for us to be able to count on the presence of Galp."

Galp operates mainly in Portugal and Spain, but also has operations in half a dozen former Portuguese colonies.

Although it is primarily a refining company, it has been seeking to expand its exploration and production efforts in order to bolster its oil supply.

The company has significant exploration and production activities in Portugal, as well as former Portuguese colonies Angola and Brazil.

East Timor was a Portuguese colony before it was invaded by Indonesia in 1976. It gained independence in May 2002 after more than 24 years under Indonesian occupation and two and a half years under UN administration.


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