DILI, 01 august 2024 (TATOLI) – The Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, extended an invitation during the Timor-Leste Business Forum on Investment Opportunities in Beijing, China, for Chinese companies to invest in the petroleum, gas, and minerals sectors.
The areas that Timor-Leste offers present significant opportunities for Chinese companies, especially in strategic mineral investments. These include lithium, nickel, and other important minerals, which are crucial raw materials for the production of batteries for electric vehicles and other industries essential to China.
Minister Monteiro encouraged Chinese companies to cooperate with both the public and private sectors of Timor-Leste to seek opportunities for mineral exploration. The mining code, approved by the National Parliament in 2021, permits the exploration of metallic minerals such as gold, copper, chromite, and ornamental stones like marble and others.
In the petroleum and gas sector, Timor-Leste presents potential investments in onshore and offshore exploration, as well as in the downstream gas industry. Specifically, the country is looking at refineries, petrochemicals, liquefied natural gas (LNG), and ammonia plants, which are considered catalysts for socioeconomic development in Timor-Leste, transforming the economy from subsistence-based to modern and industrialized.
The Tasi Mane project is a multi-year state project aimed at creating critical infrastructure such as highways, the Suai Supply Base, and community housing, which could also incentivize private investment.
Previously, PetroChina, a subsidiary of CNPC, has been responsible for conducting magnetic and gravitational surveys across the country, laying the foundation for petroleum and gas exploration in Timor-Leste. Numerous Chinese companies have also visited Timor-Leste to explore opportunities in petroleum and mineral exploration.
The President of the Republic, José Ramos-Horta, highlighted Timor-Leste’s success in creating the Petroleum Fund and the Petroleum Fund Law, which allows for the use of 90% of the Petroleum Fund for investment in the U.S. Treasury and the remaining percentage for diversification.
Journalist: Camilio de Sousa
Editor: Filomeno Martins
