|Subject: LUSA: Petroleum Fund totaled USD
370m in December, says central bank
East Timor: Petroleum Fund totaled USD 370m in December, says central bank
Dili, Feb. 6 (Lusa) - East Timor's Petroleum Fund, completely invested in US Treasury bills, totaled USD 370 million at the end of last year, Dili's central bank announced Monday.
The Autoridade Bancária de Pagamentos (ABP) said the total represented revenues from oil and natural gas operations in offshore Timor Sea fields and USD 3.1 million in interest.
The APB is the body that manages Timorese oil and gas revenues under the country's new oil revenues management law that was unanimously approved by parliament last June.
Aimed to assure maximum transparency in the management of hydrocarbon revenues, the law is modelled on similar Norwegian legislation.
Estimates indicate that the Petroleum Fund could benefit from some USD 5 billion over the next 20 years.
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