Azerbaijani State Oil Fund purchases about 30 tons of gold
Baku, Azerbaijan, Dec.24
By Emil Ismayilov - Trend:
Azerbaijani State Oil Fund (SOFAZ) purchased some 30 tons and 174.9 kilograms (970 145.5 ounces) of gold as of Dec.20 2013, the Fund told Trend on Dec.24.
State Oil Fund of Azerbaijan started to purchase gold since the first quarter of 2012.
According to the strategy of the State Oil Fund, up to five percent of the investment portfolio may be directed for the purchase of gold. In accordance to the plans, SOFAZ will purchase gold in batches and this process will be implemented within two years.
As of Dec.20, 2013, some 20 tons and 13.55 kilograms (643 450.64 ounces) of the total volume of gold purchased by the Fund were delivered to Azerbaijan, SOFAZ said.
The assets of the State Oil Fund as of October 1, 2013 has grown by 4.9 percent compared to early 2013 ($34.129 billion) and stood at $35.809 billion.
Azerbaijani State Oil Fund was established in 1999 and its assets amounted to $271 million at that moment.
According to the regulations of the State Oil Fund, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as to solve important national issues.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
Translated by L.Z.
Edited by C.N.