Timor-Leste Petroleum Fund
Encyclopedia
The Timor-Leste Petroleum Fund is a sovereign wealth fund
into which the surplus wealth produced by East Timor petroleum and gas income is deposited by the East Timorese government.
The fund was established in 2005 with an opening balance of $205 million. As of 31 December 2010, the capital of the fund was USD$6.9 billion.
Earnings
of the fund were around 4 % for the last 5 years, as of July 2011.
Sovereign wealth fund
A sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial...
into which the surplus wealth produced by East Timor petroleum and gas income is deposited by the East Timorese government.
The fund was established in 2005 with an opening balance of $205 million. As of 31 December 2010, the capital of the fund was USD$6.9 billion.
Earnings
Earnings
Earnings are the net benefits of a Corporation's operation. Earnings is also the amount on which corporate tax is due. For an analysis of specific aspects of corporate operations several more specific terms are used as EBIT -- earnings before interest and taxes, EBITDA - earnings before...
of the fund were around 4 % for the last 5 years, as of July 2011.