National Bank received $660 mln from Chevron deal
09.01.01 00:00
/IRBIS, Jan 09, 01/ - According to the REUTERS, the National Bank of
Kazakhstan (NBK) received today $660 mln from sale of Kazakhstan stake
(5%) in Tengizchevroil JV to Chevron.
The receipt will be used as first contribution to the National Development
Fund created by the decree of the president. The fund will accumulate
income from oil operations to provide balance in case of crises. It will also
restrain an overheating of the economy.
The Governor of NBK reported that NBK would manage received funds on
behalf of the Ministry of Finance until the establishment of management
board and its supervision body.
He also informed that the government should set the list of instruments
money would be invested to.
Today, the prime minister of Kazakhstan, Kasymzhomart Tokayev reported
that the government would possibly ask $50 mln from the fund on
development of Amangeldy gas deposit. This would be also a political
measure as it would illuminate dependence of the Southern Kazakhstan from
Uzbekistan gas.
Currently, $660 mln were placed on the special deposit account in NBK
opened for the Ministry of Finance.