Timor-Leste Petroleum Fund
 | This article needs to be updated. (May 2021) |
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] By 31 December 2010, the capital of the fund had grown to US$6.9 billion.[3] By December 2021 the fund had US$18.5 billion in assets under management.[4]
The Fund has signed up to the Santiago Principles on best practices for managing Sovereign Wealth Funds, and has joined the International Forum of Sovereign Wealth Funds.[5] The Fund thus now regularly publishes how it adopts and implements the principles espoused by these associations, including how it incorporates them in its governance procedures.
Finances
[edit]Earnings of the fund were around 4% in the 5 years to July 2011.[6] 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 $16.5 billion.[7]
| Year | Balance in mil. USD-$ |
Revenues in mil. USD-$ |
Investment Returns in mil. USD-$ |
Withdrawals in mil. USD-$ |
|---|---|---|---|---|
| 2018[8] | 15,804 | 447 | –460 | 983 |
| 2020[9] | 18,905 | 326.1 | 1,773 | 886.3 |
References
[edit]- ^ Petroleum Fund Annual Report 2008
- ^ "::. Abp | Bpa .::". Archived from the original on 2011-02-03. Retrieved 2011-02-18. Petroleum Fund of Timor-Leste
- ^ https://www.laohamutuk.org/Oil/PetFund/Reports/PFQR10q4en.pdf Petroleum Fund of Timor-Leste Quarterly Report 31 December 2010
- ^ "Timor-Leste Petroleum Fund (Timor-Leste Petroleum Fund) - Sovereign Wealth Fund, East Timor - SWFI". www.swfinstitute.org. Retrieved 2021-12-31.
- ^ 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
- ^ Timor Leste Petroleum Fund Annual Report 2020
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