SOCAR"s daughter company closed deal on acquisition of gas distribution company

The affiliated company of SOCAR, Alphard Gas Holding B.V., has closed the deal to purchase gas distribution assets of Itera Oil & Gas Company LLC on the territory of Georgia, reads the press release of SOCAR's daughter company, SOCAR Energy Georgia LLC, released yesterday.

The assets include 10 has distribution companies, including Kutaisigas JSC, Rustavigas JSC, Gorigas JSC, Caspigas JSC, Bolnisigas JSC, Tetrizkarogas JSC, Borzhomigas JSC, Terjolagas JSC, Samtrediyagas JSC and Vanigas JSC, reported Novosti-Georgia agency.

Alphard Gas Holding B.V. plans to improve quality of services provided to population, ensure regular gas supply to the customers and make sure that new customers could join a network of the gas distribution companies," reads the press release.

Alexander Khetaguri was appointed Director of Itera Georgia Ltd company. Khetaguri occupied positions of General Director of Georgian Oil & Gas Corporation (2006-2007), Energy Minister (2007-August 2012) and Finance Minister (August-October 2012).

Through its daughter company SOCAR Energy Georgia SOCAR owned 30 gas distribution networks in Georgia. After purchase of Itera-Georgia, the company will become a supplier of over 100 enterprises, including 38 regional gas distribution companies, control packet of 10 of which is held by Itera.

SOCAR President Rovnag Abdullayev said earlier that after purchase of Itera-Georgia SOCAR has become the only retail gas operator in Georgia, including Tbilisi.-0-