In 2013 oil fund plans to increase gold resources up to 30 tons
In 2013 the State Oil Fund of Azerbaijan (SOFAZ) plans to increase gold resources up to 30 tons, Shahmar Movsumov, Executive Director SOFAZ, said in his interview to The Business Year magazine.
He said in the long-term gold will act as an effective instrument to insure against inflation and currency risks. In 2012 the Fund bought 15 tons of gold. Three batches of gold 1 ton each have been already delivered to Azerbaijan.
Movsumov also added that in 2012 SOFAZ expanded the currency portfolio, which included Australian dollar, Russian ruble and Turkish lira.
“We plan to include both state and private shares into our portfolio. We are also going to strengthen our positions in field of immovable property. At present we study new regions, which are attractive for the immovable property investments,” Movsumov said.
“In 2012 we are going to launch several new projects in cooperation with SOCAR. SOFAZ will fund construction of the trans-Anadolu pipeline (TANAP), which is a part of the Southern Gas Corridor and will allow transporting gas to Europe,” Movsumov said.—0—
Economics
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