East Timor Rethinks Oil Fund

摘要

East Timor's council of ministers (cabinet) has approved revisions to the Petroleum Fund Law to diversify its portfolio, so up to 50% can be invested in a range of assets, currencies and regions to boost returns. Right now, 90% of the fund -which oversees East Timor's revenues from oil and gas developments in the Timor Sea joint petroleum development area (JPDA) with Australia -is invested in US treasury bonds and 10% in other asset classes, which experts conside neither a prudent nor a sustainable strategy, the government said. The proposed revision will be put to parliament.