Indonesia's state-owned oil and gas firm PT Pertamina planned to establish a join venture company with Timor Leste's state company to develop oil and gas sector in the nation, PT Pertamina official disclosed here on Wednesday.

The cooperation would give an opportunity for the PT Petamina to expand its business in both upstream and downstream of oil and gas sector in Timor Leste.

Director for Marketing and Trading of PT Pertamina Hanung Budya revealed that an agreement on the cooperation in developing upstream and downstream sector of oil and gas had been signed by the company and top officials of foreign ministry of Timor Leste and the country's ministry of economic cooperation.

"We (will) make a joint venture firm with the state firm of Timor Leste, focusing on developing oil and gas sector in Timor Leste," he said at the Pertamina office.

"We know that the potential of oil and gas reserve in Timor Leste is huge," said Hanung.

Hanung said that the cooperation indicated a strong relationship between Indonesia and Timor Leste

"Such kind of Memorandum of Understanding has not given to any oil and gas company previously," he added.

With the cooperation, the director said that PT Pertamina would seriously conduct oil and gas exploration in Timor Leste. Endi

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