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SOCAR invests over $140 MN in Georgia’s gas distribution industry

Oil&Gas Materials 29 July 2013 20:50 (UTC +04:00)

Azerbaijan, Baku, July 29 /Trend, E. Ismayilov/

"SOCAR Georgia Gas" provided nearly 166,000 new subscribers with gas in Georgia's domestic gas distribution market, the official website of "SOCAR Energy Georgia" (Azerbaijan's Sate Oil Company's Georgian subdivision) reported.

"SOCAR Georgia Gas" is the subsidiary of "SOCAR Energy Georgia".

On December 26, 2008, SOCAR and the Georgian government signed an agreement on transferring the management of around 30 gas distribution industries and gas distribution networks covering Georgia's regions, such as Kakheti, Mtskheta-Mtianeti, Shida and Kvemo Kartli, Adjara, Guria, Imereti, Samegrelo, to SOCAR. In the aftermath, the list of gas distribution industries was expanded. All mentioned industries were firstly eliminated and around 7 regional gas industries under SOCAR management were established on their basis.

According to the agreement signed with the Georgian government, "SOCAR Georgia Gas" company should provide at least 150,000 new (potential) subscribers with gas and invest at least $40 million in gasification in the country. However, it appears that, the investments will significantly exceed this volume.

According to the report, during the work conducted by "SOCAR Georgia Gas", it invested nearly $147 million.

"During this period, around 2,300 kilometers of gas lines were laid," the report noted.

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