News 2013# 2 (74), April 2012
The $4 billion bonded loan from the National Fund will be allocated to JSC National Company KazMunayGas by two tranches in 2013 and 2015, informed the press-service of the President of Kazakhstan.
“The decision to allocate the bonded loan totaling $4 billion from the National Fund to JSC NCKazMunayGaswas taken to support the Kashagan project. It is planned that financing of JSC KazMunayGas will be made by two tranches in 2013 and 2015”, is said in the message published on the website of Аk Orda.As it was explained, the session of the Council on Management of the National Fund of the RK was held under the chairmanship of the President of Kazakhstan N. Nazarbayev.
The session of the Council discussed the issue on reusing the means allocated to implement the anti-crisis programs and the issue of the bonded loan from the National Fund to KMG. As it was informed, on February 3, 2012 the chairman of the board of JSC Samruk-Kazyna National Welfare Fund Umirzak Shukeyev proposed to refinance the$4 billion dept of KMGfrom the means of the National Fund.
“Within this month the Fund (Samruk-Kazyna-Petroleum) had worked out a proposal on financing of KazMunayGas due to the bonded loan from the National Fund worth $4 billion till 2015,” he stated at the session of the State Fund. “In particular, to refinance the dept connected with the projects Каshagan and Rompetrol.” However, U. Shukeyev has not named the exact amount of debt of the national company and the reasons for its formation.
Earlier, the Chairman of the National Bank Grigory Marchenko informed that as of February 25 of this year the assets of the National Fund have comprised $47.2 billion. Meantime, according to the forecasted data of the Ministry of Economic Development and Trade, the assets should grow up to $72.5 billion by 2015.