August 8, 2019 / 3:06 PM / 4 months ago

Azeri oil fund SOFAZ says doubled share of gold in its investment portfolio

BAKU, Aug 8 (Reuters) - Azerbaijan’s state oil fund SOFAZ said on Thursday it has almost doubled the share of gold in its investment portfolio to 10.3% as of June 30 from 5.4% at the end of 2018.

SOFAZ, which has been buying gold since 2012, holds the former Soviet country’s proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

The fund told Reuters at the beginning of this year that it planned to increase the share of gold in its holdings to 10 percent in 2019 from 5 percent at the end of 2018.

SOFAZ held 95.47 tonnes of gold worth $4.356 billion at the end of June, up from 50.95 tonnes worth $2.1 billion at the end of 2018.

The fund said last week its assets rose 11.6% to $42.46 billion in the year to July 1, boosted by oil and gas sales and returns on investments. (Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Alexandra Hudson)

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