Azerbaijan decreases its investments in Georgia
Baku, Azerbaijan, Dec. 12
By Azad Hasanli - Trend:
In the 3Q2018, Azerbaijan invested $33.1 million in the Georgian economy, which is 2.4 times less than the investments in the 2Q2018, Trend reports referring to the National Statistics Office of Georgia.
Traditionally, Azerbaijan was the largest investor in Georgia, however, for the first time in recent years, the country dropped to third position with 10.3 percent of all investments, with leading spots held by the Netherlands ($49.7 million) and the Republic of Korea ($40.2 million).
Turkey ($32.1 million) and Panama ($27.7 million) also entered the list of TOP-5 major investors in Georgia.
In January-October 2018, Azerbaijani investments in the Georgian economy amounted to $169.8 million (a decrease of 2.15 times over the year).
Azerbaijan's state oil company SOCAR is one of the largest investors in Georgia. SOCAR has invested over $1.5 billion in the Georgian economy.
Presently, SOCAR is the main supplier of natural gas, oil and oil products to Georgia. SOCAR's subsidiary companies are busy expanding and modernizing gas distribution systems in the country, developing a network of petrol stations under the SOCAR brand. SOCAR also owns an oil terminal in the Georgian Black Sea port of Kulevi, through which Azeri oil and oil products are transshipped to world markets.
SOCAR operates 116 filling stations and employs about 4000 in Georgia.
Follow the author on Twitter: @AzadHasanli