East Timor Petroleum Fund grows by US$400 million during the July-September period

9 November 2012

In the last quarter the Petroleum Fund of Timor-Leste increased by nearly US$400 million to US$11.05441 billion dollars, indicates a report released on the official website of the Banco Central de Timor-Leste (BCTL).

The BCTL’s quarterly report on the Petroleum Fund shows that its capital for the period ending on 30 September 2012 was US$11,054.41 million, versus the capital of US$10,600.74 million posted on 30 June.

According to the report from East Timor’s central bank, gross cash inflows from taxes, royalties and other revenue during the quarter was US$629.47 million.

Cash outflows amounted to US$390.32 million, of which US$389 million were transferred to the state budget, the document indicates.

The Petroleum Fund Law was enacted in 2005 to help ensure effective management of East Timor’s oil resources.

The fund is jointly managed by the Banco Central de Timor-Leste, which is responsible for operational management, and by the Finance Ministry, in charge of overall management. (macauhub)