National Bank received $660 mln from Chevron deal

/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.