SOCAR announces investment volume in frame of gasification program in Georgia

Oil&Gas Materials 11 January 2012 19:03 (UTC +04:00)

Azerbaijan, Baku, Jan 11 /Trend E.Ismayilov/

The amount of new (potential) users will exceed 170 000 at the end of 2012 as part of the gasification of Georgia implemented by State Oil Company of Azerbaijan (SOCAR), a source in SOCAR Energy Georgia said to Trend on Wednesday.

SOCAR Energy Georgia represents the interests of SOCAR in Georgia.

The source noted, as part of the gasification program, gas was provided to more than 125 000 subscribers at the end of 2011.

"Some 35-40 million manat will be spent on the gasification program in 2012," the source said.

The agreement between SOCAR and the government of Georgia was signed for a three-year program of gasification of the country, and has been extended for another year.

SOCAR Georgia Gas (a subsidiary company of SOCAR Energy Georgia) should gasify at least 150 000 new (potential) customers and invest at least $40 million in the gasification process in the country under a contract signed with the Government of Georgia. It appears, however, that the investment will exceed this amount.

30 towns and 100 villages are involved in the gasification program.

SOCAR and the government of Georgia signed an agreement to transfer 30 gas-distributing networks to SOCAR covering such regions of Georgia as Kakheti, Mtskheta-Mtianeti, Shida and Kvemo Kartli, Adjara, Guria, Imereti, Samegrelo. Earlier, these networks were operated by 24 companies.

SOCAR Energy Georgia also received distribution networks of the Georgian district of Marneuli In April 2009, where Azerbaijanis live.

Official exchange rate on Jan 11 is 0.7863 AZN/USD