Timor-Leste Petroleum Fund
The Timor-Leste Petroleum Fund (Template:Lang-pt) 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]
The fund signed up to the Santiago Principles on best practices for managing Sovereign Wealth Funds and joined the International Forum of Sovereign Wealth Funds.[4] As a member it publishes how it adopts and implements the principles within its governance procedures.
Finances
Earnings of the fund were around 4% for the last 5 years, as of July 2011.[5] 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 $16.5 billion.[6]
| Year | Balance in mil. USD-$ |
Revenues in mil. USD-$ |
Investment Returns in mil. USD-$ |
Withdrawals in mil. USD-$ |
|---|---|---|---|---|
| 2018[7] | 15,804 | 447 | –460 | 983 |
References
- ^ Petroleum Fund Annual Report 2008
- ^ "Archived copy". Archived from the original on 2011-02-03. Retrieved 2011-02-18.
{{cite web}}: CS1 maint: archived copy as title (link) Petroleum Fund of Timor-Leste - ^ http://www.laohamutuk.org/Oil/PetFund/Reports/PFQR10q4en.pdf Petroleum Fund of Timor-Leste Quarterly Report 31 December 2010
- ^ International Forum of Sovereign Wealth Funds. "Our members". Retrieved 24 May 2017.
- ^ Dagens Næringsliv, 2011-07-30 page 24 by Morten Haabeth Grindaker
- ^ Petroleum Fund Annual Report 2014
- ^ Petroleum Fund Annual Report 2018
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