Dili, East Timor, 19 Dec – East Timor and Kuwait have set up a joint venture for gas and oil distribution in East Timor, according to a statement issued in Dili Monday by the office of the country’s prime minister.
The company, named East Timor Trading Company )ETTC), will be 100 percent owned by Kuwait and profits will be split 70-30 between the ETTC and the East Timor government.
The ETTC will have a subsidiary, the Timor Fuel Trading Company, which will set up a distribution network with facilities to store fuel, and which will be 51 percent owned by the East Timor government.
The statement said that the deal represented no financial responsibility for East Timor and added that the ETTC will manage the Timor Fuel Trading Company for ten years. (macauhub)