SOCAR to participate in underground gas storage facility construction in Georgia

Economy Materials 1 April 2016 18:03 (UTC +04:00)

Baku, Azerbaijan, Apr. 1

By Maksim Tsurkov - Trend:

Currently, Georgia is waiting for feasibility study preparation of the construction project of an underground gas storage facility in the country to be completed by contractor - the French company Geostock, a source in SOCAR (the State Oil Company of Azerbaijan) told Trend Apr. 1.

"After the preparation of the feasibility study and its submission to the government, further action plan will be determined," said the source. "SOCAR intends to, and will participate in the construction of this gas storage facility, because it is a strategic asset."

The source added that SOCAR will make a decision regarding the issue of its equity participation in the project at a later stage, and didn't mention the approximate period of signing the contract.

The beginning of construction of underground gas storage is planned for 2016. It will be possible to store 230-250 million cubic meters (mcm) of natural gas, accounting for 15 percent of the annual gas consumption in Georgia, after the completion of construction of the underground gas storage facility.