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Timor gas deal signed

The oil and gas producer Phillips Petroleum believes Australia will benefit from a Timor Sea gas agreement it says it's reached with East Timor.

Sascha Rundle reports East Timor is yet to give its approval.

In July Phillips delayed its plan to bring Timor Sea gas onshore to Darwin, citing concerns about East Timor's tax regime. But the company now says an agreement has been reached so the multi-billion dollar project can go ahead. Phillips says the deal includes a package of tax and fiscal measures, with the company developing infrastructure, such as an airport, in East Timor. Phillips Jim Godlove. WE THINK THIS REPRESENTS A WIN-WIN FOR ALL THE STAKEHOLDERS INVOLVED. Australia, which will share the revenue from the gasfield, must first ratify the deal. Meanwhile a senior East Timorese official says it's too early to make any announcement, and while negotiations with Phillips are going well, he claims there's not even a draft agreement on the deal yet.

21/12/01 21:45:50 | ABC Radio Australia News

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