SOFAZ to up gold reserves up to 30 tons within two years

By late 2012, the State Oil Fund of Azerbaijan (SOFAZ) plans to purchase additionally about 7.5 tons (240,000 ounces) of gold, head of the State Oil Fund Shahmar Movsumov said at a press conference on Monday on the results of activity in the first half-year.

"Since Feb.1, 2012 the State Oil Fund started the weekly purchase of 10,000 ounces of gold. As of July 1, 2012, the Fund's investment portfolio included 6,847 kilograms (220,146 ounces) of gold.

In total, he said, within two years the Fund plans to purchase about 30 tons of gold step by step in connection with the risk of price change.


/Trend/