The China Civil Engineering Construction Corporation will build a port in Beaço, in southern Timor-Leste, under a contract signed with oil giant Timor Gap, the company said in a market statement.

The statement, issued on 25 April through the Shanghai Stock Exchange, also said that the contract, which covers the preparation of the project and its construction, is worth US$943 million.

The Timor Gap website notes that Beaço is the area of the country where the pipeline from the Timor Sea will arrive and where a plant will be built to process natural gas, as well as a port area to facilitate the reception of construction materials and the export of liquefied natural gas.

Timor-Leste acquired a controlling stake in the Greater Sunrise project on 16 April, 56.6%, with the acquisition of the shares of the ConocoPhillips and Shell groups, for which it paid US$650 million.

This project also includes Australian oil company Woodside, which was the operator with 33.4%, before this recent deal and Osaka Gas, with the remaining 10%.