East Timor to finalize oil law

Wed, 08 Dec 2004, 00:00 WIB | Source: AP

SINGAPORE: East Timor is likely to approve a legal code for
its fledgling petroleum industry next week, setting the stage for
exploration by foreign companies next year, a senior official
said on Tuesday.

"Our aim is to create a very modern, very progressive
petroleum law that also gives us the competitive edge we need to
attract investment," said Jose Fernandez Teixeira, East Timor's
secretary of state for tourism, environment and investment.

East Timor's Council of Ministers will meet to "finalize" the
petroleum laws on Thursday, and will send the code to Parliament
for approval, Teixeira said at an international oil and gas
conference in Singapore. -- AP

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