Thailand and Timor Leste today signed a memorandum of understanding on energy development collaboration in the world’s newest nation which is seeking to tap its vast oil and gas resources.
The MOU was signed by Prasert Bunsumpun, chief executive officer and president of Thailand’s petroleum company, PTT Public Co Limited, and Alfredo Pires, Timor Leste’s secretary of state for natural resources.
Thai prime minister Abhisit Vejjajiva and Timor Leste President Jose Ramos Horta witnessed the ceremony which was held in conjuction with the latter’s three-day visit to the country.
Horta also opened Timor Leste’s embassy in Bangkok on Sunday.
Prasert said PTT was interested in seeking business partnership for both parties to achieve a win-win energy development collaboration.
He said the business operating model of PTT, as the national energy company, would be shared with Timor Leste as part of the upcoming establishment of the National Energy Corporation.
A joint study on the exploration of the high potential energy resources in the country would also be carried out, he said.