Wednesday 8 September, 1999: Big companies not deterred from investing in

East Timor

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The Phillips Petroleum company says the situation in East Timor has not deterred it from investing millions of dollars in a significant Timor Gap project. The company's James Godlove has told a Senate Committee inquiry into East Timor the company is proceeding with a $US1.4 billion project in the Bayu-Undan oil and gas field. But Mr Godlove says Phillips is watching the current situation very closely. "We're not disuaded from the investment at this time. The investment decision is about six weeks to two months off. Hopefully nothing will happen in that period of time," he said. (4:40pm AEST) ? 1999 Australian Broadcasting Corporation