Assets in East Timor’s oil fund total US$847 million in September

10 November 2006

Dili, East Timor, 10 Nov – East Timor’s financial assets from revenue generated by oil exploration, totaled US$847.1 million at the end of September, the Timorese Banking Authority, ABP, the country’s future central bank, said Thursday in Dili.

In a statement, the ABP said that that amount was applied in US treasury bonds.

The creation of the Oil Fund, which was approved by parliament in June 2005, is aimed at ensuring total transparency in the management of oil and gas revenues.

Management of the Oil Fund is based on the Norwegian model and manages oil revenues by use of foreign financial applications. (macauhub)