State Oil Fund of Azerbaijan (SOFAR) has released information about its gold resources.
According to official information of SOFAR, since quarter 1, 2012 the Fund started purchase of gold and BY October 1, 2012 and its volume reach 10 tons 891 kilo (350,146 ounces).
The Oil Fund stored the gold reserves in the western banks and this demanded extra expenses. In mid-2012 the Fund decided to move the gold reserves to Azerbaijan. All legal issues of the import have been solved with the government.
According to the Azerbaijan Cabinet of Ministers' decision, gold import for SOFAR was exempt from VAT and customs duties.
SOFAR's gold resources will be stored in the Central Bank of Azerbaijan (CBA).-0-
Economics
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
-
Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
-
Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
Leave a review