But oil companies now at least have someone to talk to and the certainty that Indonesia has at least for the time being given up its claim of sovereignty over East Timor. Nobel laureate Jos Ramos-Horta, the diplomatic face of the East Timorese independence movement, caused some nervousness in the oil industry when he said earlier this year that he wanted the Timor Gap Treaty to be renegotiated. But he has since backed away from that stance and taken a more conciliatory approach. No mining company should have any concern whatsoever. In the end it s in our national interest.
Any windfall remains years away, though.
At the earliest, significant royalties are five years down the road, analysts say. In the meantime, it will be international aid that will pay for East Timor s reconstruction, and economists are looking elsewhere for revenues to begin filling its coffers. Agriculture and tourism have been identified as possible major earners, and there are plans to in the coming months impose taxes on items like alcohol and cigarettes and even charge landing fees at airports there.