Public Consultation on Timor-Leste Petroleum Fund Act
January - June 2005
In October 2004, the Timor-Leste Ministry of Planning and Finance (MoPF) released a Public Consultation Discussion Paper on Establishing a Petroleum Fund for Timor Leste (Tetum, Portuguese). A series of presentations, public consultation and submissions were held on the issues discussed in this document. Follow this link for more information and documents relating to the Discussion Paper and public consultation.
On 14 February, a public meeting was held in Dili, with a presentation (Tetum, Portuguese) by interim Petroleum Minister Jose Teixeira on behalf of the Petroleum Fund working group. The Finance Ministry distributed Frequently Asked Questions (Tetum, Portuguese) relating to the Petroleum Fund draft law.
People were invited to make written submissions to the Petroleum Fund Steering Committee by 1 March. La'o Hamutuk made a submission, as did several other organizations.
Details of the Government's Savings Policy, Petroleum Fund design, and oil revenue forecasts are in the Background Paper they provided to the April 2005 Development Partners' Meeting. The World Bank's Background Paper to that meeting is also relevant.
Parliament made a few modifications, and unanimously passed the Petroleum Fund Act on 20 June 2005. It was signed by the President and became law shortly thereafter.
The Timor-Leste Banking and Payments Authority, which will administer the Petroleum Fund, published an explanation in its July 2005 newsletter. In July, the Minister for Planning and Finance and the Banking & Payments Authority signed an Operational Management Agreement on the Petroleum Fund.
The fund officially came into being in late September, with $250 million in petroleum revenues received previously.
Another page on OilWeb includes information on fund operations since then.
March 2005 submissions on the draft Petroleum Fund Act
La'o Hamutuk's submission refers to the following documents:
From La'o Hamutuk
From the Government of RDTL
Submissions by other organizations and individuals
June 2005 Submissions to Timor-Leste Parliament on the Petroleum Fund Act
The Timor-Leste Institute for Development Monitoring and Analysis (La’o Hamutuk)