1. Main
  2. Learn
  3. News overview
  4. Kazakhstan

Assets of National Oil Fund to reach $72.5 billion by 201528 августа 2011, 22:33

Kairat Kelimbetov. By Yaroslav Radlovsky © Kairat Kelimbetov. By Yaroslav Radlovsky ©
Assets of the National Oil Fund are expected to grow to $72.5 billion by 2015, 30% of the nation’s GDP, Bnews.kz quoted Minister of Economic Development Kairat Kelimbetov as saying at the government sitting August 27. The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan. Assets of the National Fund as of the end of July totaled $38.72 billion. At the start of the year the figure made up $30.6 billion. According to the Minister, the [annual] transfer [from the Fund] into the budget will be fixed at the absolute amount of $8 billion through 2014. In line with President Nazarbayev’s Key Note Address to the Nation of 2010, “the transfer should first of all be used for industrial development purposes”.

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan