The Samruk Kazyna National Welfare Fund will commit to the development of training and development centres to exploit Kazakhstan's oil and gas potential.

According to Kazinform, chairman of the fund Kairat Kelimbetov told attendees at a recent session of the Council of Foreign Investors that currently, the country lacks the intellectual infrastructure necessary to capitalise on its strategic proximity to the Caspian Sea.

He announced that Samruk Kazyna is developing plans to fund the construction of facilities necessary to provide the oil and gas training necessary to allow the country to excel in the energy industry.

"This project involves construction of infrastructure for specialist training, the deficit of which hinders development of the Caspian potential," he told attendees.

The Samruk-Kazyna National Welfare Fund was officially registered by the Ministry of Justice last month.

According to VisorCapital, a spokesperson for the Ministry of Finance confirmed that the issuance of shares have now been authorised.

The group's capital is wholly state-owned.

Oil and Gas Directory: Training and Development