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Australia and East Timor sign an agreement over rich resources

Australia and East Timor have signed an agreement over rich resources in the Timor Sea.

Mark Bowling reports from Dili, the Timor Sea agreement was signed soon after the new government of an Independent East Timor was sworn into office today.

On the day of East Timor's independence, the signing of the bi-lateral treaty was given top priority. It allows for the revenues of oil and gas production in the Timor Sea to be divided proportionally. East Timor will get 90 percent and Australia 10 percent. It's likely to yield East Timor six-billion dollars during the next 20 years. Australia could benefit by about half a billion dollars. But there is a source of friction. Australia and East Timor dispute where the seabed boundary lies. East Timor's new Prime Minister, Mari Alkatiri wants the issue resolved as soon as possible. Mark Bowling, Dili.

20/05/2002 19:53:15 | ABC Radio Australia News

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