Azerbaijan, Baku, Oct. 19 / Trend E. Kosolapova/
Kazakh Sovereign Wealth Fund Samruk-Kazyna will allocate 120 billion tenge ($799 million) on Kartaly-Astana gas pipeline construction in 2013, Kazinform quoted Kazakh Finance Minister Bolat Zhamishev as saying.
"The project implementation will be launched with Samruk-Kazyna's funds, which plans to fund the project's capital expenditures to the amount of 120 billion tenge," Zhamishev said.
According to Finance Minister, development of Kartaly-Astana gas pipeline construction design is at the final stage and construction work will start in 2013.
A mechanism of compensation of Samruk-Kazyna's funds allocated to the pipeline construction will be determined in 2014.
The Kartaly - Astana pipeline will run from Russian Kartaly through Kazakh Kokshetau and Kostanay to Astana. The pipeline will supply Russian gas to Kazakh city of Astana. The pipeline construction will cost 208.4 billion tenge and scheduled to be launched in the third quarter of 2014.
Kazakh Sovereign Wealth Fund Samruk-Kazyna was founded in 2008 in order to enhance competitiveness and sustainability of national economy and prevent any potential negative impact of changes in the world markets on economic growth of the country. The key purpose of Samruk-Kazyna is to manage shares (interests) of national development institutions, national companies, and other legal entities it owns to maximize their long-term value and competitiveness in the world markets.