Net financial income of Georgian Oil and Gas Corporation increases

Oil&Gas Materials 24 August 2019 14:19 (UTC +04:00)

Baku, Azerbaijan, August 24

By Tamilla Mammadova – Trend:

The net financial income of the Georgian Oil and Gas Corporation (GOGC) for the first half of 2019 amounted to 49.3 million lari, which is 14.5 million lari more compared to the same period last year, Trend reports with reference to the financial report of the Corporation.

According to the report, the Corporation's operating profit amounted to 24.7 million lari for the first half of 2019. The total aggregate income of the corporation amounted to 32.2 million lari.

Revenues from the sale of natural gas amounted to 288.5 million lari, which is 1.31 times more compared to the previous year. Revenues from the sale of crude oil amounted to 4.3 million lari, which is 1.87 times more compared to the same period last year. Income from the lease of gas pipelines amounted to 21.4 million lari, which is 1.01 times more than last year. Revenues from oil transportation amounted to 9.6 million lari.

As a result of the construction and commissioning of the first combined thermal power plant (TPP) with a capacity of 230 MW in Gardabani (Eastern Georgia) in 2015, the corporation diversified its revenues. Over first six months of 2019, GOGC revenues from the production and supply of electricity increased 1.33 times compared to the previous year and amounted to 109.7 million lari. The construction of the second TPP in Gardabani is underway, and its commissioning is scheduled for autumn 2019.

The total revenue of the Corporation in 1H2019 amounted to 433.8 million lari.

GOGC was established in March 2006 through the merger of the Georgian Oil International Corporation, the Georgian Gas International Corporation and Gruzneft. In 2012, 100 percent of the shares of GOGC were transferred to the JSC Partnership Fund of Georgia. The main area of ​​activity of GOGC is oil and gas exploration, production and transportation, and design, construction and operation of oil and gas pipelines.