SOCAR Energy Georgia announces forecasts for investments in Georgia in 2018 (Exclusive)
Baku, Azerbaijan, July 19
By Ilkin Shafiyev – Trend:
The total investment of SOCAR Energy Georgia (Georgian subsidiary of the Azerbaijani state company SOCAR) in Georgia in 2018 is projected at about 7 million lari or 4.8 million mantas, the Director of the Company Mahir Mammadov told Trend July 19.
The work planned by the company is continuing in accordance with schedule, Mammadov said.
Earlier, it was reported that the Azerbaijani state company SOCAR increased its share in the authorized capital of SOCAR Energy Georgia from 51 to 75.51 percent.
"The increase in SOCAR's share is connected with the decision of partners of SOCAR Energy Georgia. This will have only a positive impact on our activities, and we will continue to invest and develop the company in Georgia," Mammadov said.
SOCAR remains a reliable and strategic partner of Georgia and continues to supply natural gas to the country in accordance with plan, the director of the company noted.
"Gas consumption in Georgia in 2017 was at the level of 2,391 billion cubic meters of natural gas, 1,379 billion of which fell to the share of SOCAR. Georgia's consumption in 2018 is projected to be 2,689 billion cubic meters," Mammadov said.
SOCAR company exports to Georgia the gas produced from the Azerbaijani fields at its own expense without the participation of foreign companies. In addition, Georgia annually receives from Azerbaijan the gas produced at the Shah Deniz offshore field with the participation of SOCAR and foreign companies.
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