Council of Ministers approves proposal to resolve commercial impasse between Timor Gap and Timor Resources and a Decree-Law for the classification and commercialisation of strategic minerals
On March 13th, 2024, the Council of Ministers decided on two essential diplomas within the scope of the oil and minerals sector to boost economic development and maximise the country's natural resources. Both projects approved at the meeting were presented by the Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro. 
The first project concerns the Decree-Law on the classification and commercialisation of strategic minerals, which establishes guidelines for classifying strategic minerals, considering criteria such as the economy, energy security, and balance of trade. The Decree-Law also defines the rules for the State's participation in exploiting these minerals and their commercialisation under the Mining Code.
The second approved project refers to the Government Resolution on the participatory interests of TIMOR GAP, EP in the Production Sharing Contracts PSC TL-OT-17-08 and PSC TL-OT-17-09. Given that it is in the public interest to ensure and accelerate the production of petroleum resources to find alternative sources of funding for the Petroleum Fund, with this Resolution, the Government approved the proposal presented by Timor Gap for the resolution of the commercial impasse between Timor Gap and Timor Resources regarding the areas of the Production mentioned above Sharing Contracts and authorises Timor Gap and its subsidiaries to sign all commercial or other documentation necessary for the implementation of the proposal mentioned above.
