Outgoing Woodside Petroleum Ltd’s (ASX:WPL) CEO Don Voelte has accused the Government of East Timor of acting against the interests of its people by not supporting it’s $10.3 billion Sunrise gas project.
Woodside holds a 33.4 per cent interest in the Greater Sunrise liquefied natural gas development that lies in the Timor Sea north of Australia.
Delays and tensions have been mounting with the Government of East Timor demanding that the project's gas processing is done on land while Woodside favours a floating facility.
Speaking at the company’s annual general meeting yesterday, Mr Voltee said that the East Timorese government’s objection to Sunrise being built, equates to rejecting the promotion of the quality of life of its people and improved livelihood .
Mr Voelte says Woodside has had a lot of knocks on the door to purchase the Sunrise project but the company will not give up on Sunrise.
In the 2010 financial year, Woodside Petroleum generated a net profit of $1.5 billion.
