Phl may soon buy oil from Timor Leste
The Philippines could soon buy oil from Timor-Leste, which plans to tap offshore oil and gas fields in the Timor Sea worth some $11.7 billion, Malacañang said Sunday.
East Timor is seeking Chinese investment to help diversify its economy and rely less on revenue from oil and natural gas production, President Jose Ramos-Horta said.