East Timor: Oil Fund has revenue of US$42.4 million in third quarter

12 November 2007

Dili, East Timor, 12 Nov – East Timor’s financial assets from revenue generated by oil exploration, totaled US$42.4 million in the third quarter of 2007, the Timorese Banking Authority, ABP, the country’s future central bank, said Friday in Dili.

Gross revenues in the quarter totaled US$381.55 million, including US$265.33 million in royalties transferred by the Timor Sea Designated Authority.

The quarterly Oil Fund Report, the eighth issued by the ABP, which is to be presented this week, shows capital of US$1.817 billion at September 30, 2007.

On June 30, the fund’s capital totaled US$1.394 billion.

The Oil Fund law specifies that the ABP is the agent responsible for the operational management of the Fund.

The Finance Ministry is responsible for defining the Fund’s general investment strategy.

The ABP’s mandate is to manage the Fund in order for it to perform similarly to the Merrill Lynch United States Government Treasury Bonds Index.

“The ABP has been able to manage its bond portfolio very closely in line with that index over its first eight quarters,” a source from the authority told Portuguese news agency Lusa. (macauhub)