Timor Leste’s oil fund has assets of US$14.9 billion at the end of 2013

19 February 2014

Timor Leste’s (East Timor’s) Oil Fund ended 2013 with assets of US$14.9 billion, the Timor Leste Central Bank said in Dili Tuesday.

In a statement the Central Bank said that in the period from September to December 2013 US$694.7 million was added to the fund, of which US$234.7 million came from contributions and US$370 million from royalty payments from the National Oil Agency (ANP).

“Income from the Fund’s investments totalled US$342.88 million, of which US$68.1 million were from coupon receipts and interest and US$274.77 million came from changes to the market value of the securities held,” the statement said.

The Timor Oil Fund collects State revenues from exploration of oil resources in order to invest in foreign financial securities.

The overall all management of the Fund is carried out by the Timor government, via the Finance Ministry, and its operational management is conducted by the Central Bank. (macauhub)