Kazakhstan Expects Oil Fund to Reach $100 Billion by 2015

Kazakhstan’s government expects assets held by its sovereign wealth fund to more than double to $100 billion by 2015, Economic Development and Trade Ministry said in a statement distributed today in the capital, Astana.

The value of assets held by the National Oil Fund reached $53.3 billion in July, the Central bank said Aug 6.

Kazakhstan, which holds about 3 percent of the world’s oil reserves according to BP Plc (BP/), created the National Oil Fund in 2000 to guard against declines in the price of crude. The fund holds 80 percent of its assets in bonds and 20 percent in stocks, the central bank said in November 2010.

To contact the reporter on this story: Svetlana Antoncheva in Astana, Kazakhstan at santoncheva1@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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