Azeri State Oil Fund Says 17.4 Tons of Gold Bought as of March 1

Azerbaijan’s State Oil Fund, which started investing in gold last year, bought 17.4 metric tons of bullion as of March 1 as the third-largest oil producer in the former Soviet Union diversifies reserves.

Sofaz, as the fund is known, has delivered about 3 tons of gold into the Azeri capital, the Baku-based fund said in an e-mailed statement today.

Founded in 1999 to manage the Caspian Sea nation’s income from the sale of oil and natural gas, Sofaz plans to increase its gold reserves to 30 tons by year-end, the fund’s Executive Director Shahmar Movsumov told state TV channel AzTV last month.

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