By Raimundos Oki
DILI – The CEO of Timor GAP has rejected a widely
– circulated report that Timor – Leste is about to borrow money from China to
build the Tasi Mane Project.
Last Tuesday, the national daily The Australian
Newspaper reported the Timor Gap was set to borrow $US 15.9bn from China’s
state – owned Exim bank under a commercial loan, sparking alarm from some
overseas observers over whether that would allowed a Chinese military presence
just 500km from Darwin.
The Timor-Leste government recently took
majority ownership of the project after buying out its former partners –
ConocoPhillips and Shell – with the aim of ensuring the gas is piped to its
shores instead of Australia’s.
The Timor Gap CEO, Francisco da Costa Monteiro,
said it is talking to China, but is also canvasing investors and financial
institutions in the US, Australia and other countries about financing the Tasi
Mane Project.
He said, The Australian news story specifically
referred to Timor Gap being about to sign a $US10 to $US12 billion in loans from
Exim Bank and has rejected an offer of US pension fund.
“That statement is incorrect, that statement is
in accurate because it is not right. We are indeed have a need to search
finance for Tasi Mane Projects including the Greater Sunrise Development,
particularly the Downstream and we have been approaching many investors, many
financial institutions including from China and other countries such as US and
Australia,” he said to the Tempo Timor in Timor Plaza, last Thursday.
Although Timor Gap has negotiated with several
investors in several countries, according to Monteiro that until now he has not
wanted to mention which countries are willing to lend to Timor-Leste.
“This is a commercial sensitive matters, until
all the financial discussion, negotiation and I don’t think to prefer to
revealed it now. I think this stage what we can say is that what is now we
working towards and developing the project, the Greater Sunrise. We approach
many banks to borrow the money”.
He stated that Timor Gap had no special
preference to borrow money from anywhere, whether from China or from any
country that was not problematic.
“Whoever it’s doesn’t matter. It’s from China or
US, Australia, Europe or Indonesia it’s doesn’t matter as long as they willing
to loan us the money in a competitive terms of condition”.
On last Tuesday the Australian reported Timor
Gap was set to borrow $15.9bn from China’s state-owned Exim bank under a
commercial loan, sparking alarm from some observers over whether that would
allow a Chinese military presence just 500km from Darwin.
The CEO Timor Gap, Francisco da Costa Monteiro
told Tempo Timor it is talking to China, but is also canvassing investors and
financial institutions in the US, Australia and other countries about financing
the Tasi Mane project.
A version of this article
appears in Tempo Timor Online on July 3, 2019 with the headline: Timor Gap’s $US 15.9bn China loan
“incorrect”.
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