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The State Oil Fund of the Republic of Azerbaijan imports additional 1 ton of gold to Azerbaijan

01 February 2013 18:38 (UTC +04:00)

Baku-APA. Additional 1 ton of gold (32 150 troy ounces) purchased by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in compliance with the rules set forth by the LBMA was imported to Azerbaijan by the UK's Brinks Global Services on February 1, 2013 and temporarily stored in the vaults of the Central Bank of the Republic of Azerbaijan, SOFAZ said today, APA reports.

The first batch of gold at the same amount was delivered to the country on January 11.
The total amount of gold imported by the Oil Fund to Azerbaijan is approximately 2 tons (64 300 troy ounces).

Some 16 178 kg (520 145 troy ounces) was included into SOFAZ investment portfolio as of February 1, 2013.

In total, SOFAZ plans to purchase 30 tons of gold in connection with a risk of price changes over two years.

According to SOFAZ's investment strategy approved by Azerbaijani President Ilham Aliyev dated Dec. 29, 2011, up to 5 % of SOFAZ total investment portfolio may be invested in gold in 2012.