East Timor government launches public

East Timor government launches public

consultation on oil fund

Singapore (Platts)--19Oct2004


East Timor's government this week launched public consultation on key issues
related to the establishment of a Petroleum Fund, which will hold and
re-invest the country's oil and gas revenues. 

East Timor is expected to net as
much as $10-bil in tax revenues over the next 20 years from developments of
currently identified oil and gas reserves in the Timor Sea. The country has
agreed to share revenues from the overlapping waters of the Timor Sea as 90:10
with its neighbor Australia. A discussion paper has been prepared to provide a
basis for public debate on the fund, a statement from the office of Prime
Minister Mari Alkatiri said. "Our aim is that the Petroleum Fund will be a
tool that can contribute to the wise management of Timor-Leste's [East
Timor's] petroleum resources, to the benefit of both current and future
generations," Alkatiri said. The public discussions will focus on the
establishment of a petroleum fund as a savings instrument. The impoverished
nation expects to rely heavily on the fund to pay for its development needs.

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