Kazakhstan, Astana, May 8 / Trend, D. Mukhtarov /
Kazakh MP Tursunbek Omurzakov, speaking at the plenary session of the Majilis (the lower chamber of the Parliament) on Wednesday, suggested directing the country's National Fund to the purchase of the share of ConocoPhillips in 'Kashagan' field.
"This project has a great strategic importance and is an important element of providing our country's energy and economic security. Today the National Fund of the country has accumulated nearly $60 billion. Most of them are in foreign assets, mainly sovereign bonds with low yields. Why not to invest part of the accumulated assets in such a major project in our economy, as 'Kashagan'? Omurzakov said, appealing with a deputy's inquiry to the Prime Minister Serik Akhmetov.
He recalled the estimated geological oil reserves of Kashagan comprise 4.8 billion tons. In comparison, the United States' proved reserves are 3.7 billion tons.
"First commercial oil extraction at 'Kashagan' can be started in the middle of this year," he added.
According to him, it is planned to create an integrated accumulation pension fund (IAPF) in Kazakhstan.
"Pension assets constitute about $21.5 billion. It is expected that the IAPF assets will also be invested in foreign financial instruments. Certain parts of pension savings could be invested in 'Kashagan'. In this case, the pension savings will work for the domestic economy and will provide the required rate of return," Omurzakov said.
He called on the Government of Kazakhstan to take decisive action for the acquisition of ConocoPhillips' share of the 'Kashagan' project. "The national wealth of the country should belong to the people of Kazakhstan, not to foreign investors", the parliamentarian said.
