March 6, 2018 / 10:12 PM / 18 days ago

At U.N., East Timor and Australia sign deal on maritime border

UNITED NATIONS, March 6 (Reuters) - 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. (Reporting by Michelle Nichols, Ed Davies and Sonali Paul Editing by Leslie Adler)

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