Timor-Leste sets up petroleum fund

The Timor-Leste government has established a petroleum fund for long-term management of its hydrocarbon reserves with a starting balance of $250,000.

Sept. 27, 2005

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Sept. 27 -- The Timor-Leste government has established a petroleum fund for long-term management of its hydrocarbon reserves with a starting balance of $250,000.

Prime Minister Mari Alkatiri said the fund, modeled after a Norwegian program, is estimated to grow to more than $5 billion by 2025. All revenue from the country's petroleum resources will flow into it.