Net assets of the East Timor Petroleum Fund rise to US$649.7 million

7 August 2006

Dili, East Timor, 07 Aug – The financial applications of the East Timorese state based on oil exploitation revenue reached US$649.7 million in the first half of this year, the Banking and Payments Authority announced Friday in Dili.

The BPA press release indicates that the figure concerns applications in United States treasury certificates.

The operation complies with legal requirements in East Timor regarding establishment of the so-called Petroleum Fund, which was unanimously approved by the national parliament in June 2005.

The East Timorese authorities set up the Petroleum Fund to ensure that revenue from the exploitation of hydrocarbon resources is managed with the highest degree of transparency.

The BPA, which will eventually become the central bank of East Timor, is according to law the institution responsible for the fund’s operational management. (macauhub)