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Investors show confidence in Timor-Leste, 5 July 2006
The Minister for Foreign Affairs and Cooperation, Dr José
Ramos-Horta, has praised Thai and UK investors for showing confidence
in the future of Timor-Leste.
Dr Ramos-Horta was speaking at the announcement, this morning,
that a power supply project was to go ahead.
"I am extremely pleased that, despite the upheaval of the
last couple of months, international investors continue to show
faith in the future of Timor-Leste," Dr Ramos-Horta said.
"The announcement that this project is to go ahead is even
more satisfying given it is an investment of US$80 million, the
biggest investment in Timor-Leste, other than the Timor Sea gas
developments.
"It will generate cleaner and cheaper power to Timor-Leste
- much needed to attract other investments in the country, but
will also be a catapult to the creation of jobs to the Timorese
people," Minister Ramos-Horta said.
The power supply project will be run by EGET (Energy Generating
Enterprise Timor-Leste), a joint venture comprising the Government
of Timor-Leste, which will contribute some 10% of the capital,
and Thai and UK private investors.
Mr Praphad Phodhivorakhun, President of the Thai company KYTBW
Co, Ltd, said that Biomass Gasification Power Supply Project will
initially generate about 10 Megawatts of power at a cost of almost
half of the current price.
Mr Phodhivorakhun said that agricultural waste will be used in
the generation of electricity making it also one of the most environmentally
friendly ways of power generation.
He said that the company will be operating first in the Dili
area and will expand to other districts according to demand.
Also attending the announcement of the project was Mr To Maneechoti,
Vice-President President of the Thai company KYTBW Co, Ltd and
Mr Satoshi Takefushi, President of EGET, who will managing the
project in Dili.
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