Subject: LUSA: Oil income could last until 2035, says PM

16-11-2004 22:06:00. Fonte LUSA. Notícia SIR-6522235 Temas:

East Timor: Oil income could last until 2035, says PM Dili, Nov. 16 (Lusa) - East Timor`s petroleum fund will ensure the transparent management of oil revenues that could flow into the nation`s state coffers until 2035, Prime Minister Mari Alkatiri said Tuesday.

Alkatiri, briefing Dili-based foreign diplomats, members of his government, MPs and representatives of NGOs on the petroleum fund, said the new body would be managed by Timor's ABP central bank.

He said the petroleum fund, set up in 2003 and modeled on a similar organization in Norway, was aimed to make oil wealth a "blessing rather than a curse" for potentially-hydrocarbon-rich Timor.

Public consultation on Timor's petroleum management body will run until the end of November, when the Dili government will make its final proposals on the fund to parliament, he said.

Timor's government is proposing that only sufficient cash is withdrawn from the fund annually to cover the nations's budget deficit.

Alkatiri has suggested that some of Timor's oil wealth is invested in low-risk capital ventures, such as US treasury bonds.

EL/CJB Lusa

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