SOCAR Postpones Oil Storage Depot Construction in Georgia

Oil&Gas Materials 1 September 2008 15:10 (UTC +04:00)

Azerbaijan, Baku, 1 September / Trend corr. E.Ismayilov / "The term to construct a new oil storage depot of the State Oil Company of Azerbaijan (SOCAR) in Georgia has been postponed to October due to the Georgia-Ossetin conflict," Mahir Mammadov, General Director of the SOCAR Energy Georgia, told Trend via a telephone on 1 September.

"The construction works were planned to commence in September. However, the process was suspended to October due to the current developments in the country," Mammadov said.

Project's cost is $15mln. SOCAR Energy Georgia intends to construct the storage until the end of 2009.

The storage will be located on the Kiziki street near the Tbilisi based international airport. In 2007, company purchased five hectares of land for $3mln to construct the storage. Storage's reservoir will allow keeping of 20,000t oil products including liquefied gas.

Different sorts of petroleum, kerosene, bitumen, liquefied gas and black oil will be kept in the storage.

SOCAR Georgia's co-founders are SOCAR - 51%, Petro-Trans FZCO - 32.7% and Ivan Chkhartishvili - 16.3%.

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