Timor Leste-Petroleum Fund Law

Organization: Government of Timor Leste
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This Act establishes a Petroleum Fund which seeks to meet with the constitutional requirement laid down in Article 139 in the Constitution of the Republic. Pursuant to this provision, petroleum resources shall be owned by the State, be used in a fair and equitable manner in accordance with national interests, and the income derived should lead to the establishment of mandatory financial reserves.
This Act also lays down the key parameters for the operation and management of the Petroleum Fund. The Act governs the collection of and management of receipts associated with the petroleum wealth, regulates transfers to the State Budget, and provides for Government accountability and oversight of these activities.
This Act ultimately states that the petroleum fund should be managed in a transparent fashion, and should be used to the utmost socioeconomic benefit of Timor Leste's citizens.