East Timor wants to tap oil and gas near Australia, so why is it courting China?

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Geopolitical tremors were felt in the region when reports surfaced that East Timor’s state-owned energy company was considering a US$16 billion loan from China to develop an offshore oil and gas field.Many saw it as the latest example of China’s growing diplomatic and economic clout in the 17-year-old nation, which lies just 500km off the north coast of Australia.Timor Gap was swift in denying the reports, which had claimed the Export-Import Bank of China would help finance its US$50 billion…

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