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] 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]
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 |