Pertamina to develop oil, gas potential in Timor Leste

By Godang Sitompul

State-owned oil and gas firm PT Pertamina will soon set up a joint venture company with a state-owned company from Timor Leste to develop the oil and gas upstream and downstream sectors in the neighboring country.

Pertamina Marketing Director Hanung Budya told Petromindo.com that the planned new venture came following a singing on Tuesday and MoU between the company and Timor Leste Foreign and Economic Development Minister Jose Luis Guterres on cooperation in oil and gas sector. The ceremony in Dili was witnessed by Indonesian President Susilo Bambang Yudhoyono and Xanana Gusmao, Prime Minister of Timor Leste, a former territory of Indonesia.

?This is an appreciation (for Indonesia) because this kind of MoU had never been existed nor given to any other oil companies,? Hanung said.

Editing by Reiner Simanjuntak