Timor-Leste seeks ASEAN partners for the Greater Sunrise gas field, aiming to boost local jobs and economic development through pipeline processing.
KUALA LUMPUR: Timor-Leste has invited ASEAN investors to participate in the Greater Sunrise gas field project to open new investment opportunities and strengthen local industry participation.
Ambassador to Malaysia Lisualdo Gaspar said the petroleum industry remains the backbone of Timor-Leste’s economy, serving as the main revenue source for infrastructure development and national progress.
He reaffirmed the country’s stance that the Greater Sunrise gas field, located 150 kilometres south of Timor-Leste, will maximise economic benefits and create employment opportunities.
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“Our government’s position is clear, we want the pipeline and processing to be developed in Timor-Leste to enable economic development and create jobs,” he said on Bernama TV’s The Nation programme.
He welcomed private sector players from ASEAN countries, especially Malaysia, to invest in Timor-Leste’s petroleum industry, either in its supply base or by partnering with local companies to provide services for the Greater Sunrise operation.
Discussions on the Greater Sunrise gas field are ongoing, with a decision on its development direction expected early next year.
Regarding Timor-Leste’s ASEAN accession, Lisualdo said it marks an important milestone for the young nation’s economic growth and an opportunity to align its economy with regional bloc standards.
The country’s immediate priority is to comply with legal instruments under the ASEAN Economic Community while harmonising domestic regulations to match regional standards.
“Through this process of joining ASEAN, we harmonise our legislation through ASEAN standards and practices,” he told Bernama.
He added that this process will enhance investor confidence and attract business with Timor-Leste.
Although Timor-Leste is still developing its infrastructure, the country’s special market access provides significant potential for ASEAN investors.
As the least-developed country, it has preferential access to the European Union, India, New Zealand and Australia and lower tariffs to the United States.
Malaysia and ASEAN investors can see Timor-Leste as a hub for processing or producing for certain markets, he said. – Bernama
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