At UN, East Timor and Australia Sign Deal on Maritime Border
East Timor and Australia signed a treaty at the United Nations in New York on Tuesday to resolve a long-running dispute over their maritime border and struck a deal on how to share revenue from the giant offshore Greater Sunrise gas field. Under the agreement, East Timor will receive a bigger share of the revenue than Australia depending on the development concept - 70 percent of the revenue if the gas is piped to the tiny country or 80 percent if the gas is piped to Australia for processing. The agreement establishes a maritime boundary in the Timor Sea for the first time. Australia had sought a boundary aligned with its continental shelf, but East Timor argued the border should lie half way between it and Australia - placing much of the Greater Sunrise field under its control. "With this treaty we open a new chapter in relations between Australia...
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