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Public Consultation on Establishing a Petroleum Fund for Timor-Leste
October - November 2004
In October 2004, the Timor-Leste government's Ministry of Planning and Finance released a Public Consultation Discussion Paper on Establishing a Petroleum Fund for Timor Leste (Available also in Tetum or Portuguese). They also announced a public consultation process on the ideas discussed in the paper.
On 16 November 2004, a half-day public meeting was held at CAVR in Dili, with presentations by the Prime Minister, the Finance Minister, and the General Manager of the Banking and Payments Authority. Link to the slides from the presentation in English or Portuguese.
People were invited to make written submissions to the Petroleum Fund Steering Committee by the end of November. La'o Hamutuk made a submission, as did several other organizations.
La'o Hamutuk Submission (printable English PDF) (Printable Portuguese PDF)
La'o Hamutuk's submission refers to the following documents, in addition to the first two other submissions listed below:
From La'o Hamutuk
From the Government of RDTL
UNTAET Regulation 2001/30 establishing the Banking and Payments Authority
From the Government of Norway and Norges Bank
Ethical Guidelines for the Government Petroleum Fund issued 19 November 2004 (Ministry of Finance, Norway)
Government Petroleum Fund Annual Report for 2003 from Norges Bank
From advisors to and the government of São Tomé e Príncipe
São Tomé e Príncipe Petroleum Revenue law approved by Parliament in November 2004 (Portuguese)
Unofficial English translation of STP Petroleum Revenue Law
São Tomé project at Center for Global and Sustainable Development at Earth Institute, Columbia University
Boletím de Informação Popular used in São Tomé National Forum (Portuguese)
English translation of draft STP Popular Information Bulletin
Regarding petroleum supply and prices
Short-Term Energy Outlook – November 2004 published by the U.S. Department of Energy’s Energy Information Administration (EIA)
International Energy Outlook 2004 by the U.S. Energy Information Administration (EIA)
Additional information on world oil price trends from http://www.eia.doe.gov/emeu/cabs/chron.html
Regarding the stability of the United States dollar
Going Down by John Cassidy in the New Yorker magazine, 6 December 2004
Dollar's Fall Tests Nerve of Asia's Central Bankers, New York Times, 4 December 2004
As Dollar Drops, China's RMB Could Emerge as Currency of Empire, Pacific News Service, 3 December 2004
Submissions by other organizations
Harvard Law Student Advocates for Human Rights, USA (memo to La'o Hamutuk)
Martin E. Sandbu, Ph.D. of the Center on Globalization and Sustainable Development, Earth Institute, Columbia University, New York, USA
Global Witness and CAFOD, UK (114KB)
LABEH, CIITT, and NetEJ, Timor-Leste
Draft law introduced and passed
On 31 January 2005, the Ministry of Planning and Finance released a draft law on the Petroleum Fund. A series of public consultations were held, and submissions were accepted through 1 March.
Follow this link for details and documents relating to the Petroleum Fund Draft Act, discussion and passage.
In February and March 2005, La'o Hamutuk submitted comments to two international conferences on the Extractive Industries Transparency Initiative: in Paris organized by the World Bank, and in London organized by the British Government. The Prime Minister addressed the London conference.
The draft law was revised and approved by the Council of Ministers on 12 April 2005.
In June 2005, it was considered in Parliament. Parliamentary Commission C invited testimony from several NGOs.
Parliament made a few modifications, and passed the Petroleum Fund Act on 20 June 2005. It was signed by the President and became Law no 9/2005 on 3 August. For current information on operations of the Petroleum Fund, see here.