oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

State Oil Fund imported additional 1 ton of gold to Azerbaijan

01 Feb 2013 19:55:02

State Oil Fund imported additional 1 ton of gold to Azerbaijan

01 Feb 2013 19:55:02

Additional 1 ton of gold (32 150 troy ounces) purchased by the State Oil Fund of the Republic of Azerbaijan 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. The total amount of gold imported by the Oil Fund to Azerbaijan is approximately 2 tons (64 300 troy ounces).

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

The State Oil Fund of Azerbaijan, the sovereign wealth fund, was set up in December 1999 by the Presidential Decree as an extra-budgetary entity which accumulates and manages oil and gas revenues of the country. The Fund’s primary objectives are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations. As of 01 January, 2013, assets of SOFAZ totalled USD 34 129.4 mln. In accordance with the amendments under the Presidential decree № 519 dated October 27th, 2011 made to "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan"up to5% of the investment portfolio can be invested in gold.

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