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]

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. In December 2021 the fund had US$18.5 billion in assets under management. [5]

Finances

Earnings of the fund were around 4% for the last 5 years, as of 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]

YearBalance
in mil. USD-$
Revenues
in mil. USD-$
Investment Returns
in mil. USD-$
Withdrawals
in mil. USD-$
2018 [8] 15,804447–460983

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References

  1. Petroleum Fund Annual Report 2008
  2. "::. Abp | Bpa .::". Archived from the original on 2011-02-03. Retrieved 2011-02-18. 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. International Forum of Sovereign Wealth Funds. "Our members" . Retrieved 24 May 2017.
  5. "Timor-Leste Petroleum Fund (Timor-Leste Petroleum Fund) - Sovereign Wealth Fund, East Timor - SWFI". www.swfinstitute.org. Retrieved 2021-12-31.
  6. Dagens Næringsliv, 2011-07-30 page 24 by Morten Haabeth Grindaker
  7. Petroleum Fund Annual Report 2014
  8. Petroleum Fund Annual Report 2018