Baku, Azerbaijan, Oct. 19
By Elena Kosolapova - Trend:
The Port of Batumi on the Black Sea coast of Georgia will remain under the control of the Kazakh KazTransOil, a source in the port of Batumi told Trend.
"All functions for managing the seaport are transferred to the Batumi Oil Terminal LTD, registered in Georgia and owned by KazTransOil, on terms of lease," the source said.
Kazakhstan's KazTransOil made a decision to liquidate its subsidiary Batumi Terminals Limited, the owner of Batumi Oil Terminal on Georgia's Black Sea coast last week.
KazTransOil owns 100 percent of shares of the Batumi Terminals Limited through which it directly owns and controls the production assets in Georgia - Batumi Oil Terminal LLC and exclusive right to manage the Batumi Sea Port.
The source said that the decision to liquidate Cyprus's Batumi Terminals was made due to its illiquidity.
"Cyprus is not an offshore area, so it was inappropriate to have the office and staff there," the source said. "So, we decided to liquidate everything there and transfer to Batumi."
The Cyprus company is expected to be closed by late 2015, the statement said.
Batumi Sea Port is located in the southeast of the Black Sea. It covers an area of 22.2 hectares.
The total area of the open storage area of the port is 15,656 square meters.
Edited by CN
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