East Timor's government has designated land to be developed into a regional petrochemicals hub, its top resources official said Thursday, in the latest push to bring disputed offshore oil and gas to its coast rather than to Australia.
The neighbors share proceeds from the Bayu Undan field in the Timor Sea, but there is disagreement about a larger, untapped field called Greater Sunrise, which contains an estimated 240 million barrels of light oil and 5.4 trillion cubic feet (154 billion cubic meters) of natural gas.
It is worth billions of dollars in commercial oil and gas sales and the country that hosts the processing facilities will also generate billions …
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