IPE Sarmatia increases authorized capital

Business Materials 5 February 2016 16:59 (UTC +04:00)

Baku, Azerbaijan, Feb. 5

By Maksim Tsurkov - Trend:

The International Pipeline Enterprise (IPE) Sarmatia, which was created to attract investments for design and completion of construction of the Odessa-Brody oil pipeline up to the Polish city of Plock, completed the process of increasing the authorized capital, the IPE Sarmatia Director General Sergei Skripka told Trend.

Currently, the IPE Sarmatia's authorized capital stands at 23.71 million zlotys (about $5.88 million), according to him.

"The enterprise's capital was increased by 20 percent. The process was very effective. Due to this increase we can continue to work, fulfill our obligations and implement plans," said Skripka.

He noted that the next meeting of Sarmatia shareholders, where the next work plan will be approved, should be held no later than June.

"Currently, all of the work planned for this year, is going according to plan," he said. "Basically, it is the work related to preparation of local land-use plans for the Brody-Plock oil pipeline's route, feasibility studies and preparation of the base of the plot owners on the pipeline's route."

The Ukrainian company Ukrtransnafta and the Polish company PERN Przyjazn established IPE Sarmatia on July 12, 2004.

The participants of Sarmatia are: SOCAR (Azerbaijan's state oil company), Georgian Oil and Gas Corporation Ltd. (GOGC), Ukrainian UkrTransNafta, Polish Przedsiebiorstwo Eksploatacji Rurociagow Naftowych Przyjazn S.A. and Lithuanian AB Klaipedos Nafta. The share of the main participants is 24.75 percent each, while the Lithuanian company has a one percent share.


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