On April 5, 2012 the British Brinks Global company delivered to Azerbaijan the fourth part of gold of the State Oil Fund of Azerbaijan (SOFAZ) with the volume of 1 ton (32,150 troy ounces), which will be temporarily stored at the Central Bank of Azerbaijan (CBA), reads SOFAZ press release.
From February 1, 2012 SOFAZ started buying gold to diversify the Fund’s assets and by April 5, 2013 it bought a total of 18,666 kilo (600,146 troy ounces) of gold.
“Therefore, total volume of gold of SOFAZ delivered to Azerbaijan reached 4 tons (128,600 troy ounces),” reads the statement.
The newly built administrative building of SOFAZ will have a storage for valuables, where the purchased gold will be stored as soon as the building is put into operation.
It was reported earlier that by 2014 the Fund is going to increase the volume of gold up to 30 tons.
The Oil Fund accumulates incomes from the oil contracts, in particular, from sale of profitable oil of the state, transit tariffs for oil and gas transportation via our country, rent of state property and etc.
By January 1, 2013 SOFAZ’s assets totaled $34,129,400,000.—0-
Economics
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