Subject: East Timor signs energy deal with SKorea, say officials

also Nation to Import Gas from East Timor

East Timor signs energy deal with SKorea, say officials

Oct 14, 2008

SEOUL (AFP) - East Timor has signed a deal allowing South Korea to import natural gas from its Greater Sunrise gasfield by 2013, officials here said Tuesday.

The deal reached in Dili would also allow a South Korean consortium led by state-run Korea Gas Corp (KOGAS) to seek out other gasfields in the country, the Ministry of Knowledge Economy said in a statement.

The deal represents East Timor's first energy pact with a foreign country since it gained independence in 2002, the ministry said.

"We have yet to complete discussion on the annual amount of natural gas to be imported from East Timor," a ministry official told AFP.

He said the Greater Sunrise field is believed to hold enough gas to meet South Korea's energy needs for seven years.

The field is part of the Joint Petroleum Development Area, shared by East Timor and Australia.

South Korea is the world's largest importer of natural gas.

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Nation to Import Gas from East Timor

Tuesday, October 14, 2008 16:14:19 013.

The Ministry of Knowledge Economy said Tuesday that a delegation led by Economy Minister Lee Yoon-ho and East Timor signed a memorandum of understanding (MOU) to that effect.

Under the pact, South Korea will be given top priority in the import of gas from the Greater Sunrise gas field in East Timor.

Greater Sunrise is estimated to hold enough gas to meet seven years worth of South Korea's energy needs.

The pact marks the first time that East Timor, which gained independence in 2002, has signed an energy-resources pact with a foreign country.

Reported by KBS WORLD Radio


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