E. Timor president vetoes using petroleum fund to buy Sunrise gas project [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
E. Timor president vetoes using petroleum fund to buy Sunrise gas project | Reuters 3 Min Read DILI, Dec 14 (Reuters) - East Timor’s president has vetoed a government bid to increase access to its petroleum fund for investment in energy projects, potentially delaying a $650 million buyout of Royal Dutch Shell and ConocoPhillip’s holdings in the Greater Sunrise gas project. Those deals would give Timor Leste a majority stake in the project, along with remaining partners including Australia’s Woodside Petroleum and Japan’s Osaka Gas. President Francisco Guterres said in a statement to journalists at the presidential palace in Dili this week he had vetoed the decree, and called for the proposal to be revised. “This veto aims to prevent the over-stretching of the Petroleum Fund’s direct investment rules and policies,” Guterres said, among other issues. The decree could in effect “misrepresent or dilute the difference between financial assets and other assets,” he added. The proposal would
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