Kazakhstan plans to double oil fund by 2015
Sep 11. Reuters. ASTANA
Kazakhstan plans almost to double the size of its National Fund to collect windfall oil revenues to $101.8 billion by 2015 from $54.3 billion as of Aug. 31, the Economy Ministry said in a document circulated on Tuesday.
Kazakhstan is the largest former Soviet oil producer after Russia and holds about 3 percent of the world’s recoverable crude reserves.
The Economy Ministry forecast Kazakhstan’s crude oil production at 81 million tonnes this year, rising to 82 million tonnes in 2013 and 83 million tonnes in 2014.