Timor-Leste Petroleum Fund

The Timor-Leste Petroleum Fund ({{langx|pt|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.[http://timor-leste.gov.tl/wp-content/uploads/2010/03/PF_annual_report_2008_en.pdf Petroleum Fund Annual Report 2008]

The Fund was established in 2005 with an opening balance of $205 million.{{cite web |url=http://www.bancocentral.tl/PF/main.asp |title=::. Abp | Bpa .:: |accessdate=2011-02-18 |url-status=dead |archiveurl=https://web.archive.org/web/20110203054207/http://www.bancocentral.tl/PF/main.asp |archivedate=2011-02-03 }} Petroleum Fund of Timor-Leste By 31 December 2010, the capital of the fund had grown to US$6.9 billion.http://www.laohamutuk.org/Oil/PetFund/Reports/PFQR10q4en.pdf Petroleum Fund of Timor-Leste Quarterly Report 31 December 2010 By December 2021 the fund had US$18.5 billion in assets under management.{{Cite web |title=Timor-Leste Petroleum Fund (Timor-Leste Petroleum Fund) - Sovereign Wealth Fund, East Timor - SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05c12c |access-date=2021-12-31 |website=www.swfinstitute.org}}

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.{{cite web|url=http://www.ifswf.org/our-members |title=Our members |author=International Forum of Sovereign Wealth Funds |access-date=24 May 2017}} 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

Earnings of the fund were around 4% in the 5 years to July 2011.Dagens Næringsliv, 2011-07-30 page 24 by Morten Haabeth Grindaker 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.[https://www.mof.gov.tl/wp-content/uploads/2015/11/Petroleum_Fund_Annual_Report_2014-Eng-ver-1.pdf Petroleum Fund Annual Report 2014]

class="wikitable float-left" style="text-align: right;"

!Year

!Balance
in mil. USD-$

!Revenues
in mil. USD-$

!Investment Returns
in mil. USD-$

!Withdrawals
in mil. USD-$

2018[https://www.mof.gov.tl/wp-content/uploads/2019/08/2018-annual-report-ENGLISH.pdf Petroleum Fund Annual Report 2018]

|15,804

|447

|–460

|983

2020[https://www.ifswf.org/file/9671/download?token=Ix3z2EYL Timor Leste Petroleum Fund Annual Report 2020]