Kazakhstan Sees Oil Fund Assets Reaching $72.5 Billion by 2015
Kazakhstan, central Asia's biggest energy producer, forecast its oil fund assets to jump to $72.5 billion by 2015, Bloomberg reported.
The assets will grow to at least 30.4 percent of Kazakhstan's gross domestic product, said Economic Development and Trade Minister Kairat Kelimbetov, according to a copy of his speech e-mailed by the ministry today.
The nation's oil fund assets rose to $38.7 billion in July, according to the central bank's website. Kazakhstan, which holds about 3 percent of the world's oil reserves according to BP Plc, created the fund in 2000 to guard against declines in the price of crude.
The government plans to transfer 1.2 trillion tenge ($8.2 billion) a year from the oil fund to the budget from next year through 2014, Kelimbetov said.
Kazakhstan's nominal GDP is expected to grow from 28.9 trillion tenge next year to 44.7 trillion tenge by 2017, Kelimbetov said. Exports will rise from $75.7 billion in 2012 to $105.8 billion in 2016, while imports will increase from $40.9 billion in 2012 to $60 billion in 2016, he said.