SOCAR Georgia Acquires Gas Distribution Company

Rovnag Abdullayev, President of the State Oil Company of Azerbaijan (SOCAR) said today in an interview with reporters that SOCAR business in Georgia is expanding, and there are no problems with the new government of the neighboring country. 

According to Abdullayev, the new leadership of the Georgian government has already met with the head of SOCAR Energy Georgia and Azerbaijan's ambassador to Georgia. The heads of the Georgian government appreciate SOCAR’s investments in Georgia, and asked SOCAR to continue an active investment policy in the future. "The statement of the Georgian leadership gives us the opportunity to work quietly in Georgia, not paying attention to the various articles in the press, » said Abdullayev. 

Abdullayev said SOCAR is actively working on the gas market of Georgia and the State Oil Company recently acquired the company "Itera-Georgia", 100% the "daughter" of Russian ITERA International Energy LLC. Abdullayev did not provide the amount of the transaction, saying that it is confidential, but he noted, "we have not purchased the company not for a lot of money." 

Since the completion of this transaction, SOCAR Georgia Gas "possesses" the gas distribution throughout Georgia, with the exception of Tbilisi, which is controlled by the "daughter" of Kazakh "KazMunaiGas". The transaction between SOCAR Georgia Gas and JSC "Itera-Georgia" was concluded in early August 2012. 

* JSC "Itera-Georgia" supplies gas for more than 100 companies, including 38 regional distribution companies, a control package of 10 of which belongs to "Itera". Total "Itera" supplied to consumers in Georgia up to 300 million cubic meters of natural gas per year. --12В--