Timor-Leste Petroleum Fund
The Timor-Leste Petroleum Fund (Portuguese: Fundo petrolífero de Timor-Leste) is a sovereign wealth fund into which the surplus wealth produced by East Timor petroleum and gas income is deposited by the East Timorese government.[1]
The fund was established in 2005 with an opening balance of $205 million.[2] As of 31 December 2010, the capital of the fund was US$6.9 billion.[3]
Earnings of the fund were around 4% for the last 5 years, as of July 2011.[4] A key milestone was achieved in June 2014 when the equity allocation in the fund reached 40%. The Petroleum Fund returned 3.3% in 2014, or 2.5% after inflation. The fund's end-of-year balance in 2014 was $16.5 billion.[5]
References
- ^ Petroleum Fund Annual Report 2008
- ^ http://www.bancocentral.tl/PF/main.asp Petroleum Fund of Timor-Leste
- ^ http://www.laohamutuk.org/Oil/PetFund/Reports/PFQR10q4en.pdf Petroleum Fund of Timor-Leste Quarterly Report 31 December 2010
- ^ Dagens Næringsliv, 2011-07-30 page 24 by Morten Haabeth Grindaker
- ^ Petroleum Fund Annual Report 2014
