State Oil Fund of Azerbaijan acquires about 25 tons of gold
Azerbaijan, Baku, Aug. 28 /Trend E. Ismailov /
As of August 26, 2013, the State Oil Fund of Azerbaijan purchased 24 tons 887 kilograms (800,146 ounces) of gold, the Fund told Trend on Wednesday.
The fund began purchasing gold from the first quarter of 2012, and as of July 1, 2013 the amount of the purchased gold amounted to 22 tons 399 kilograms (720,146 ounces).
According to the strategy of the State Oil Fund, five percent of the investment portfolio can be directed towards the purchase of gold.
According to plans, the State Oil Fund buys gold in lots, and this process will take place over two years.
The State Oil Fund said that as of August 26 out of the total gold purchased by the fund, some 12 tons and 007 kilograms (386,018 ounces) were delivered in Azerbaijan.
As of July 1, the Oil Fund's assets increased by 1.6 percent compared with the beginning of 2013 ($34,129.4 million), and amounted to $34,678.4 million.
The State Oil Fund was established in 1999, and at the moment its assets amount to $271 million.
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 Azerbaijan's State Oil Fund include: accumulation of funds and placement of Fund assets abroad in order to minimize negative impact on economy, prevention of "Dutch Disease" to some extend, provision of fund's accumulation for future generations and support of ongoing social and economic processes in Azerbaijan.