SOFAZ buys some 25 tons of gold

The State Oil Fund of Azerbaijan (SOFAZ) has purchased 24.887 tons of gold, according to August 26, 2013, Trend reports.

The fund started purchase of gold in Q1 2012 and bought 22.399 tons of gold, according to July 1, 2013.

The SOFAZ spends up to 5% of its investments on gold, purchasing it in portions in 2 years.

According to August 26, 12.007 tons of gold were delivered.

The SOFAZ increased its assets by 1.6% on July 1, compared with early 2013, increasing from $34.129 billion to $34.678 billion.

The SOFAZ was founded in 1999 and its assets were worth $271 million. Its funds may be spent on construction and reconstruction of strategic infrastructure of solution of nation-scale problems. The SOFAZ accumulates finances and makes profit of them abroad.