05.05.2011 - Pacific nations outline sovereign wealth plans
Papua New Guinea and Timor Leste have both released more details of the sovereign wealth funds (SWFs) that they hope will underpin future prosperity. Papua New Guinea plans to launch a new fund based on sales of liquefied natural gas (LNG), while Timor-Leste’s fledgling fund is set to make a major shift in its investment approach. Timor-Leste’s Petroleum Fund was launched on the back of oil and gas revenue that began accruing in 2006 and brings in about $2 billion per year. The fund has $7.7 billion under management – 90% is invested in US Treasuries or similar instruments, and 10% in equities managed by Schroder Investment Management..............................................Full Article: Source
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