Tafui Oil Company, an East Timor- based enterprise, has set up a branch in Macao, local media reported Tuesday.

Macao Daily News, the leading local Chinese newspaper, quoted company sources as saying that the branch is to open business in sectors of oil, exports and immigration services.

The company has cooperation deals with a number of nations, importing crude oil from countries including Malaysia, Russia and Kuwait, and exporting products to the markets in Europe and Asia, according to the newspaper.

The setting up of the Macao branch was the first step of the company's efforts to grasp business access into markets in China, the sources were cited.

East Timor and Macao are believed by local analysts to have economic cooperation potentials.