Finance Partners: Timor Gap and Timor Sea

finance partners: It is now seeking finance partners to develop the untapped reserves in the Timor Sea, estimated to be worth around US 50bn, according to The Guardian. On 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 Timor-Leste government recently took majority ownership of the project after buying out its former partners Conoco Phillips and Shell with the aim of ensuring the gas is piped to its shores instead of Australia's. Sign up to receive the top stories from Guardian Australia every morning Timor Gap told Guardian Australia 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. Jose Ramos Horta, a former president and prime minister of Timor-Leste, said Timor-Leste was still actively searching for multiple partners and investors . Xanana Gusmao's strong preference is for several different investors including Australia, US, Korean, Indonesian, French, etc, said Horta, who is currently travelling with the former president Gusmao. The statements that Timor Gap is about to sign a finance deal with China Exim Bank is incorrect as much as the suggestion that we rejected a competitive offer from US pension funds, a spokesman said. (news.financializer.com). As reported in the news.