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East Timor set to sign $7 billion resource deal

Australia says a new resource-sharing deal will be worth seven-BILLION dollars to East Timor over 20 years.

Graeme Dobell reports that the framework agreement is due to be approved by the East Timor side this evening.

The United Nations Administration and East Timor Ministers are meeting in Dili to consider a deal finalised with Canberra last week. Under the framework, East Timor will get 90 percent of the revenue from shared oil and gas reserves in the Timor Sea. Australia says it'll be worth seven BILLION dollars to East Timor over the 20 years from 2004. Assuming acceptance from East Timor, the Foreign Minister, Alexander Downer, and Resources Minister, Senator Nick Minchen, are due to fly to Dili tomorrow and sign the framework agreement on Thursday.

3/07/01 16:51:29 | ABC Radio Australia News

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