SOFAZ purchases 10 tons of gold

Tue 18 Sep 2012 03:10 GMT | 07:10 Local Time

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Within the framework of application of investment instruments, State Oil Fund of Azerbaijan has purchased 10 tons of gold, Executive Director of the Fund Shahmar Movsumov said.

To him, at present, that gold is kept at London banks and preparations are carried out in direction of bringing it to the country, APA reports.

'SOFAZ has applied to the Cabinet of Ministers in connection with exemption of gold from customs duties. The gold will be kept at special storehouses of the CBA'.

Movsumov noted that preparation process of draft budget for 2013 approaches the end: 'The draft considers implementation of big oil-gas projects. The Fund spent $200m to purchase of foreign companies’ shares, so far. By the year-end, this sum will be reached up to $600m. In the coming days the Fund will buy property in some countries'.




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