Kazakh Sovereign Wealth Fund to join share capital of new oil processing enterprises

Oil&Gas Materials 18 May 2012 13:32 (UTC +04:00)

Azerbaijan, Baku, May 18 / Trend E. Kosolapova/

Kazakh Sovereign Wealth Fund Samruk-Kazyna plans to join the share capital of some oil processing enterprises in the country, the fund's head Umirzak Shukeyev said on Friday within the meeting on the local content development.

Shukeyev said that for this purpose the fund plans to invest roughly 150 billion tenge ($1 billion) in private companies by 2015.

"Due to the experience of the companies affiliated to the fund in creation of new industries, the fund has launched a new direction. Within this direction, the specialized fund's company Samruk-Kazyna Invest will join the share capital of the companies, developing new products manufacturing," Shukeev said.

This direction will create additional opportunities for small and medium businesses through the implementation of joint investment projects. Thus, Samruk-Kazyna Fund plans to send 30 billion tenge ($203 million) to implement the projects jointly with small and medium enterprises.

The main objective of the Samruk-Kazyna Fund is to manage the shares of the national development institutions, companies and other legal entities belonging to it, to maximize their long term value and increase competitiveness in the world markets.