Timor-Leste Petroleum Fund

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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]

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.[6] As a member it publishes how it adopts and implements the principles within its governance procedures.

References[edit]

  1. ^ Petroleum Fund Annual Report 2008
  2. ^ "Archived copy". Archived from the original on 2011-02-03. Retrieved 2011-02-18.CS1 maint: archived copy as title (link) Petroleum Fund of Timor-Leste
  3. ^ http://www.laohamutuk.org/Oil/PetFund/Reports/PFQR10q4en.pdf Petroleum Fund of Timor-Leste Quarterly Report 31 December 2010
  4. ^ Dagens Næringsliv, 2011-07-30 page 24 by Morten Haabeth Grindaker
  5. ^ Petroleum Fund Annual Report 2014
  6. ^ International Forum of Sovereign Wealth Funds. "Our members". Retrieved 24 May 2017.